Outflows hit £32bn in ‘tough year’ for AAM

Aberdeen Asset Management has seen outflows for the 14th consecutive quarter.

The firm’s full year results show net outflows for 2016 now stand at £32.8bn, despite “healthy net inflows” to the firm’s emerging markets equities at the end of the year.

In what the firm called a “tough” year, the emerging market-focused company reported £7.2bn outflows during the three months to September, following £8.9bn of net assets outflows in the previous quarter.

Net revenue totalled £1.0bn, down from £1.2bn in the previous year. Underlying profit before tax fell by 28 per cent to £353m.

While earnings per share flopped from 30.0p to 20.7p, Aberdeen said its dividend would be in line with the previous year of 12p per share.

Despite the net outflows, assets under management grew from £284bn to £312bn.