Aberdeen Asset Management’s second quarter results revealed that the UK-based firm had lost a ‘single client of approximately £4 billion of low margin AuM from our Asia Pacific and global equities strategies.’
In addition, further losses in the recently acquired Scottish Widows Investment Partners (Swip) affected results as overall net outflows from the Swip business totalled £3.3 billion in the quarter. These outflows were attributed to ‘seasonal outflows from low margin liquidity funds.’ An encouraging sign was £0.2 billion of inflows from Swip’s property capability.
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Overall, assets under management dropped 0.6% to £322.5 billion from £324.5 billion in the previous quarter.
Martin Gilbert, chief executive, said: "Encouragingly, investor sentiment towards Asia and emerging markets recovered somewhat during the quarter. While the improvement in our underlying equity new business flows has been masked by a significant withdrawal by a single client, it is rewarding to see growing interest in our broader product range."
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