Stock market plunges in China and misery in emerging markets have hit Aberdeen Asset Management as investors have pulled out of its specialist funds.

Yesterday the share price fell four per cent to 319.4p on news that assets under management had tumbled 12.5 per cent to £284 billion in the year to September. It has suffered 10 consecutive quarters of net fund outflows.

Aberdeen said that “Asian and emerging markets are undergoing a cyclical correction” and suffering “negative investor sentiment”. Surely a late entry for Understatement of the Year. But Aberdeen was still able to report a 5% increase in net revenue, to £1.17bn, while underlying pre-tax profit was up slightly at £491.6m.

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