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Split-cap costs send Aberdeen into 87m loss

Aberdeen Asset Management plunged to a 87.6m loss as it paid the price of the FSA split-cap investigation.

The firm’s loss soared from a deficit of 6.4m in 2003 after a 74m settlement for investors and legal bills of around 7m.

In its annual results for the year to September 30, 2004, Aberdeen revealed a pre-tax profit of 15.1m, up from 5m in 2003, before the split-cap charges are added. Turnover fell by 2m to 140m.

Assets under management were 22.1bn, down from 23.1bn in March, but up on the previous year’s figure of 20.6bn.

Figures for the firm were delayed until the new year because of the FSA split-cap settlement that was made on Christmas Eve.

Chief executive Martin Gilbert says: “The settlement with the FSA finally allows us to focus exclusively on the business once again. We have had an excellent year for new business and the strong investment performance which we have consistently delivered in the Far East has now spread to other asset classes.

“We are well positioned to continue the progress we have made and return to a pattern of sustained, profitable growth and I am confident that we are well on our way to increasing shareholder returns.”

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