Aberdeen Asset Management net new business for 11 months to August at

Aberdeen Asset Management plc said ahead of its full year results that its net new business for the 11 months to August totalled £2bn, and added that the company has significantly reduced its gearing.

It said assets under management for the same period stood at 21.1 bln stg, representing a 3.2 pct increase like-for-like, adjusted for the sale of the group´s UK and Continental European property division.

'Demand for Asia-Pacific equities has been the dominant feature in new business, but emerging market equities and single countries (China and India) have also featured strongly,' Aberdeen said in a trading statement.

The financial services provider said it has secured further institutional equity mandates from the US and has seen 'much stronger' performance of late in UK equity funds.

Aberdeen said it is also set to achieve its cost reduction targets for its fund management division and continues to pursue non-core asset disposals which have so far reduced gearing to a current 81 pct from 104 pct in September last year.

Source: Freeman

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