In the same day that Aberdeen Asset Management announced their acquisition of Scottish Widows Investment Partnership (Swip), as part of a strategic alliance with Lloyds Banking Group, they also released their annual results which show a 24% increase in net revenue.
Aberdeen Asset Management announced net revenue of £1,078.5 million this year, compared to £869.2 million the previous year. This led to a pre-tax profit of £390.3 million, an increase of over £100 million compared to 2012.
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Martin Gilbert, chief executive of Aberdeen Asset management, said: "These results are testament to the breadth and scale of Aberdeen and our long-term investment track record. We are very pleased to have delivered another year of strong growth in revenues and earnings despite the uncertainties in global financial markets."
In regards to Swip, Gilbert said they wanted to gain access to the wealth management arm of Lloyds Bank. He said: "This transaction is significant for the long-term prospects of Aberdeen in a number of ways. It strengthens our investment capabilities and adds new distribution channels; the acquisition of SWIP adds scale to our business across a range of asset classes; and it also introduced a strategic relationship with Lloyds Banking Group."
