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Aberdeen sees pre-tax profits slashed

Aberdeen Asset Management has announced a pre-tax profit fall of 45 per cent in the six months up to March 31, 2009.

The firm has seen its pre-tax profits drop from £32.5m in the six months up to March 31, 2008 to £17.9m in 2009.

The firm’s assets under management also fell from £107.3bn to £96.3bn with Aberdeen also unveiling an outflow of £8.5bn in new business, compared to £0.5bn of inflows a year earlier.

Fixed income bore the brunt of the group’s outflows with a net outflow of £8.9bn, this is compared to a net inflow of £1.7bn for equities.

Aberdeen also saw it’s revenue fall from £201.5m to £192.2m. The firm, which is acquiring the traditional asset management business of Credit Suisse, also says it is proceeding to schedule with its £77m of cost savings; with further efficiencies of £20m set to be implemented.

Aberdeen Asset Management chief executive Martin Gilbert says: “Aberdeen is well placed to succeed in current market conditions, which we expect will remain challenging for some time to come.

“We have a broad range of activities, a strong balance sheet and a relentless focus on costs. Taken together, these give us a significant advantage over some of our competitors and we remain interested in taking advantage of any suitable expansion opportunities that may present themselves in the downturn. Meanwhile our acquisition of the Credit Suisse business is proceeding on schedule and once complete will further strengthen our global network.”

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