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Aberdeen grows assets by third

Aberdeen Asset Management saw assets under management jump by 36 per cent to £21.9bn from £16.1bn for the year to Sep tember.

The group says the inc rease is the result of organic growth plus the acquisitions of Murray Johnstone and Bar clays Property Invest ment.

AAM says its success over the year has been ach ie ved against a backdrop of mixed stockmarket performance. It was boosted by increased brand recognition of its products.

Turnover rocketed by 84 per cent to £115.7m from £62.7m compared with 1999, while pro fits were up by 111 per cent to £35.2m from £16.7m.

Net new business enjoyed organic growth of 73 per cent to £3.3bn from £16.1bn, with £1.4bn generated by unit trusts and £1.4bn by investment trusts.

Offshore funds brought in £300m of net new business and a further £200m came from other sources.

Net new business through acq uisitions was up by 9 per cent to £1.2bn from £1.1bn in 1999.

The group also generated £950m of net new business in the two months from its year-end to November 30.

Chief executive Martin Gilbert says: “This has been a truly outstanding year in which the group has enjoyed its best ever period of organic sales growth. The purchase of Barclays Property Investment and Murray Johnstone will further boost distribution chan nels and enhance product offerings for the year ahead.”

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Wednesday, 13th December 2000.Type: Mini cash Isa.Minimum investment: £1.Maximum investment: £9,000.Catmarked: Yes.Interest rate: 6.55 per cent gross a year.Charges: None.Withdrawal penalty: None.Commission: None.Tel: 0345 302010. 

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