Aberdeen Asset Management made small steps in curtailing net outflows from its business as the figure fell to £7.7bn in the first three months of 2016.
Announcing its half-year report for the six months to 31 March 2016, the company said it had suffered £16.8bn of net outflows over the period, with Q1’s figure preceded by £9.1bn of net outflows between September and December 2015.
However, the fund house saw its assets under management rise in 2016 mainly due to market and currency moves, and acquisitions. Its AUM reached £293bn, up from £291bn at the end of December, and £284bn six months earlier.
This is still down from the £331bn seen at the end of March 2015.
Between January and March, the business once again saw the bulk of its net outflows from its equities business, which saw £3.5bn leave. Net outflows for fixed income and the Aberdeen solutions business were £2.7bn and £2.4bn respectively.
Chief executive Martin Gilbert said he didn’t think sentiment on the business’s emerging markets focus had yet turned fully. The business saw minor net inflows into its emerging market equity funds in the first three months of 2016.
He said: “I wouldn’t go as far [as it being a turning of sentiment]. I don’t want to give the impression that everything is rosy but it is better than it was, but let’s not get too ahead of ourselves. It is very early days and we are seeing the first shoots of people thinking emerging markets are recovering.”
Shares in the business were down on early trading as its revenue and profit fell from a year earlier.
The business recently hired Columbia Threadneedle’s Emea chief executive Campbell Fleming as a head of distribution. Mr Gilbert said Mr Fleming would give the firm options in its long-term leadership planning.
