Aberdeen Asset Management’s full year results (to September, 2016) show that underlying profit before tax fell to £352.7m from £491.6m. Net revenue is down 14% to £1,007.1m (2015: £1,169.0m). Assets under Management are £312.1bn (2015: £283.7bn).
Gross new business came in at £39.0bn, compared to £42.5bn and net new business is £32.8bn, compared to £33.9bn.
Martin Gilbert, Chief Executive of AAM 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.
“Structural themes including fee pressure, technological innovation and greater regulatory requirements are a focus for all asset managers. Aberdeen’s broad range of investment capabilities and global distribution platform means we are well placed to address these challenges and also benefit from the opportunities they create. By continuing to invest in the business and by being a good steward of our customers money we are committed to helping our investors – from individuals through to institutions – achieve their financial goals.”
There is a final dividend of 12.0p per share (2015: 12.0p), making 19.5p for the full year (2015: 19.5p). Year-end net cash position is £548.8 million (2015: £567.7 million).
