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Aberdeen Asset Management sees more money leave, plans cost cuts
April 1, 2014 / 7:37 AM / 4 years ago

Aberdeen Asset Management sees more money leave, plans cost cuts

LONDON, April 1 (Reuters) - Aberdeen Asset Management said subdued conditions in emerging markets continued to push money out of its funds and it therefore planned to cut costs.

Net outflows totalled 3.9 billion pounds ($6.50 billion) across its funds in the year to end-Feb., it said in a statement, while a further 200 million pounds had left in March.

In the first two months of the year it secured 4 billion pounds in gross new business. Total assets under management at end-Feb. were 186.5 billion pounds.

The company said it had identified “significant additional cost savings” over and above those flagged as part of its acquisition of SWIP, the fund arm of Lloyds Banking Group , which completed on Tuesday.

Aberdeen said it remained cautious on the global market outlook and investor sentiment but had a strong pipeline of business. ($1 = 0.5998 British Pounds) (Reporting by Simon Jessop; editing by Chris Vellacott)

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