Aberdeen’s assets under management (AUM) hit £187.2bn as of 30 September 2012, up from the £169.9bn reported one year earlier. The amount run by the group’s equity business rose from £75.1bn to £100.7bn, but fixed-income assets fell from £40bn to £36.3bn.
The asset manager won £36bn of new business over the year, with the major inflows going to its global emerging markets, Asia Pacific and global equity products. “Healthy interest” was also seen in its emerging market debt and Asian fixed-income funds.
However, overall inflows were offset by £36bn of outflows – mainly from the firm’s lower-margin segregated mandates. Fixed-income outflows came from Aberdeen’s “more traditional” developed market products.
The group’s underlying profit before tax increased 15% from £301.9m to £347.8m, on the back of a 11% rise in revenue from £784m to £869.2m.
Aberdeen chief executive Martin Gilbert said: "This has been a difficult and uncertain year in the financial markets. Against this backdrop we are pleased to have delivered extremely strong performance for our shareholders by focusing on investment performance and by delivering for our clients.”
But the group’s warned that the outlook for the global macroeconomic stage remains volatile.
Roger Cornick, Aberdeen’s chairman, said: “It is perhaps unwise to anticipate an end to the uncertainty engendered by the global economic and political backdrop, but I do believe that our clients and shareholders will be well served by the long-term investment philosophy and rigorous process of our teams.”
