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Consensus forecasts for Aberdeen Asset Management’s year to September, before amortisation and exceptionals, is £25m profit, against £15m last year. But analysts will be gleaning any information about the acquisition of Deutsche Asset Management completed in September. The full impact of the deal will not be felt until 2006 but it is transforming the group, bringing in needed fixed- income expertise and trebling Aberdeen’s assets to about £70bn. Shrewdly, Aberdeen linked the price to retention of client assets. Nonetheless, integrating fund managers is difficult with the ever-present danger of disgruntled staff and/or clients leaving.

TUESDAY

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