Belfast Telegraph

Aberdeen Asset Management sees profits dive to £352.7m

Aberdeen Asset Management has seen a sharp fall in full-year profits as the firm pointed to "economic and political newsflow" weighing on investor sentiment.

The Scottish group was stung by £32.8 billion of outflows in the year to September 30, with pre-tax profit falling from £491.6 million to £352.7 million.

Boss Martin Gilbert said: "These financial results reflect, in part, our diversified business model and strict cost management. Economic and political newsflow has weighed on investor sentiment and, as expected, has led to further outflows from our business."

Aberdeen was one of several funds forced to suspend dealings in its property fund at the beginning of July as investors attempted to cash out following the Brexit vote.

In better news, the group's total assets under management grew 10% to £312.1 billion.

Mr Gilbert said the industry faces a triumvirate of "fee pressure, technological innovation and greater regulatory requirements" in the coming years.

Chairman Simon Troughton said: "Future political and economic events, including the UK's negotiations to exit the EU, the start of President-elect Trump's term in office and European elections, will contribute to ongoing volatility in global markets in the short term.

"However, until there is greater clarity, it is difficult to predict the impact on markets over the medium and longer term."