Inflows Counter Higher Outflows at Aberdeen, To Meet Profits

AberdeenWith due credit to inflows into higher-margin products, Aberdeen Asset Management (AND. L) is estimating good profits to come in for the current year.

Earlier in the months of July and August, AND. L clients withdrew 1.2 billion pounds from its finances, which led to doubt on the profits. However, the following inflows into higher-marginal products and high yield bond funds have again backed the forecasts of high profits to be withdrawn by the company.

The forecasts had suggested the profits of the company to be somewhere between 431 million pounds and 477 million pounds. An announcement made by the company today has confirmed that in the current year, the profits to be driven by the company will meet the top range of this forecast.

The high amount of outflows in July and August brought down the assets under management at 201.7 billion pounds, which were at 209.6 billion in the end of June. Most of the withdrawn funds were from the fund ranges, emerging money market and fixed income.

"Aberdeen's performance during the past year, and particularly over the last three months, has demonstrated our core resilience," said Martin Gilbert, chief executive.

Before this quarter in the quarter that ended in June, the total amount of withdrawn investments made net 3.4 billion pounds.