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Martin Gilbert can see light at the end of the tunnel.
Aberdeen Asset Management, the emerging-markets focused investment house he leads, said today that its net outflows in the six months to the end of March were a chunky £13.4bn.
But on a more positive note, overall assets under management declined by a more modest £4bn to £308.1bn, cushioned by generally buoyant markets and a weak pound. In addition, outflows shrank from over £10bn in the first three months of this year to a more sedate £2.9bn in the second quarter. Pre-tax profits were up by over 16 per cent on the year to £115m.
Chairman Simon Troughton noted that some inflows are returning:
I am pleased to report that investor sentiment towards emerging markets has again turned more positive, having stalled in the weeks after the US presidential election result, and we have seen £0.8 billion of net inflows into our emerging market strategies, both equities and debt, during the second quarter. We believe the medium and long-term outlook for emerging markets remains compelling and our strong performance positions us well to benefit from investors allocating to these asset classes.
The company noted that its merger with Standard Life is “on track”.