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Aberdeen Asset Management H1 Pretax Profit Soars

Aberdeen Asset Management has posted an underlying profit before tax of GBP92.6m, or 6.05 pence, for the first half of fiscal ended March 31, 2010, compared to GBP33m, or 2.43 pence in the first half of fiscal 2009.

Revenue in the first half of fiscal increased to GBP294.9m from GBP192.2m in the corresponding half of fiscal 2009.

Assets under management at March 31, 2010 increased by 16.9% to GBP170.9bn, which includes the acquisition of businesses from Royal Bank of Scotland adding approximately GBP13.5bn.

Aberdeen Asset Management has decided to pay an interim dividend of 3.2 pence per share, an increase of 14% on the equivalent payment last year.

Gross new business inflows for the six months to March 31, 2010, totaled GBP25.1bn compared to GBP5.4bn in 2009. Outflows for the same period were GBP25bn and GBP13.8bn in 2010 and 2009 respectively.

Martin Gilbert, CEO of Aberdeen Asset Management, said: “These record results demonstrate the success of our strategy in recent years: to make selective acquisitions at attractive prices at the same time as building the business organically and controlling costs. The acquisition of the funds of funds business from RBS in January expands our investment capabilities to include equities, fixed income, property and alternatives and also further diversifies our distribution channels.

“Aberdeen is now a truly global asset manager with clients and assets around the world. Our focus remains on meeting the objectives of our existing clients, organic growth and cash generation.”