Asset manager Aberdeen says funds grow 6 pct
Friday, July 18, 2008 : PermalinkGuardian Unlimited- Aberdeen Asset Management said on Friday its assets had grown 6 percent despite turbulent markets and had also earmarked higher cost savings to offset falling earnings, pushing its shares up.
The fund manager said its assets under management grew to 113.7 billion pounds ($227.5 billion) in the three months to end-June, from 107.3 billion the previous quarter.
Aberdeen warned that turbulent market conditions, which took 1.8 billion off its assets, would remain difficult in the coming months but said it remained confident of growing its business despite the tough environment.
Aberdeen CEO Martin Gilbert told journalists that investor confidence remained fragile, which had caused redemptions to run at a rate 50 percent higher than last year.
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