Emerging markets were blamed as Aberdeen Asset Management saw underlying profit before tax drop by 40% to come in at £162.9m (£270.2m) for the six months to 31 March, 2016.
Net revenue was down 20% to £483.6m (£605.2m). Assets under management were £292.8bn, down from £330.6bn for the same period last year.
Chief Executive of Aberdeen Asset Management Martin Gilbert (pictured above) said: “These results reflect the challenging conditions Aberdeen has faced during the past three years, in particular the weakness in emerging markets. However our balance sheet strength has allowed us to continue to invest in the business, including the completion of a number of bolt-on acquisitions which have added new capabilities and new client channels. We have strengthened the management team with senior appointments in distribution and operations. Our broad product suite and global distribution platform means we are well placed to meet the long-term needs of an ever increasing number of investors around the world.”
