The group also saw net outflows of £0.5 billion from global equities, largely due to the withdrawal of assets by a single investor. There were positive inflows into the group’s Asia Pacific and Japan equity products. Over the same period the MSCI World index rose 0.6%.
Alan Borrows, manager of the CF Miton Distribution fund, says that he is increasing his holding in Aberdeen Asset Management. He says that the group has seen its shares suffer from the downturn in sentiment towards emerging market equities, but adds: “The company has a strong global franchise and pays a secure 3.7% dividend yield which is likely to increase due to improved profit distributions from the company.”
The World Government Bond fund will offer a diversified portfolio of global sovereign fixed income securities, predominantly investment grade, aiming to find those bonds with the best prospects for capital appreciation, income and price stability. It will use a GDP-weighted benchmark, which should tilt the fund towards those countries offering a higher yield with lower public debt.
The Aberdeen Global – Frontier Markets Bond Fund will invest in a range of frontier market bonds, primarily located in sub-Saharan Africa, central America and Asia. The fund will be managed by Aberdeen’s emerging markets debt team, led by Brett Diment.
This is managed by the Property Multi-Manager team and will invest in a portfolio of around 15 funds which will have exposure to over 200 properties in Europe. Lars Graneld and Johan Temse will be the lead managers. The fund will have a final close by September 2014.