Aberdeen targets cost-cutting as revenues drop 20 per cent
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Aberdeen Asset Management has today posted interim results showing a drop in revenues of 20 per cent to £483.6m. - down from the six-month revenues to March 2015 of £605.2m.
The asset manager blamed emerging markets for the poor performance as it announced it would be making £70m of annualised cost efficiencies to be delivered in 2017.
The Aberdeen results were published on the same day that banking giant HSBC reported a 14 per cent drop in profits for the first quarter following “extreme levels of volatility” in financial markets at the start of the year.
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