In a pre-close trading update, at the end of June Aberdeen AM’s equity assets stood at £85.2bn although since then £6.1bn has been wiped off thanks to market performance, leaving them £5.8bn net down as at the end of August at £79.4bn. On the positive equity side, Aberdeen’s global emerging markets added £0.5bn and global equities £0.3bn.
At the end of August, total assets under management stood at £176.9bn, 4.8% down on its position at the end of June.
Across the asset classes it is only fixed income that did not fall over the time period although the £0.4bn in positive market performance was negated by £0.4bn in outflows. The positives here came from £0.6bn in emerging market and Asian debt, with further inflows being received in September.
Performance in the firm’s alternative strategies “continues to be solid” while its property assets “continue to perform steadily” and are attracting “some early interest in potential global property products”. This comment refers to possible new global bricks and mortar property funds aimed squarely at the institutional market with a minimum investment of £5m.
At a corporate level, Aberdeen AM repaid $125m of 7.2% subordinated notes in early July from available cash resources and since then has been building up the cash position in its balance sheet.
The company’s full-year results to the end of September 2011 will be announced on 5 December 2011.
