Aberdeen admits assets fall

ABERDEEN Asset Management admitted that its £2.7bn of split-level investment trusts had been 'severely tested' in recent months as falling equity and bond markets meant that 'the asset values of many splits fell dramatically in the summer'.

It said more reconstructions, mergers and fund-raisings were likely but the effect on revenues will be 'limited'. Announcing the appointment of chief investment officer Katherine Garrett-Cox to the main board, Aberdeen said pre-tax profits before amortisation and charges rose 37% to £48.2m in the year to the end of September.

Assets under management rose by £12.8bn to £34.7bn, with £17.1bn coming from acquisitions and £2bn from new sales but £6.3bn wiped out by market falls. Earnings per share rose 28% to 21.12p and the dividend is up 10.5% to 10.5p.