Shares in Aberdeen have fallen over 6% to 418.7p on the interim results, leaving a market cap of £5.47bn.
The £8.8bn in outflows came despite a stronger performance in March during which some new mandates hit the books, the company said. The figure represents a steep tumble from the previous year when it reported a net increase of £4.4bn for the same period.
The asset manager also reported revenues of £503.5m, down on £516m last year, while pre-tax profits were £168.7m, down from £188.2m. It has nevertheless increased its dividend from 6p per share to 6.75p
Due largely to the acquisition of Scottish Widows Investment Partnership, the company’s assets under management have jumped from £212.3bn to £324.5bn.
Martin Gilbert, chief executive said the company had delivered a “resilient set of numbers” in this half year, given the difficult backdrop for emerging markets. “Our disciplined investment approach, long-term investment track record and tradition of client service have enabled us to limit equity outflows whilst we have continued to win mandates in other asset classes, such as fixed income and property,” he added.
Gilbert pointed to a couple of reasons for optimism, despite the figures. He said he expects an improvement in sentiment towards emerging markets to develop over the coming months as investors identify increased buying opportunities, and said there has been a “healthy improvement” in the relative performance of its equity products.
He also said the integration of SWIP is proceeding as planned and is adding “scale and strength” to the business.
