ABERDEEN ASSET MANAGEMENT PLC INTERIM MANAGEMENT STATEMENT – NINE MONTHS TO 30 JUNE 2014

Texte intégral

(1)ABERDEEN ASSET MANAGEMENT PLC INTERIM MANAGEMENT STATEMENT – NINE MONTHS TO 30 JUNE 2014 Highlights •. SWIP integration on schedule, both in timing and expected cost synergies. •. Assets under management £322.5 billion. •. Equity performance ahead of benchmark for 2014 to date. •. Underlying improvement in new business flows into GEM and Asia Pacific. •. Continuing momentum in EMD and property. •. Promising interest in alternatives. Martin Gilbert, Chief Executive of Aberdeen, commented: “Encouragingly, investor sentiment towards Asia and emerging markets recovered somewhat during the quarter. While the improvement in our underlying equity new business flows has been masked by a significant withdrawal by a single client, it is rewarding to see growing interest in our broader product range. “We completed the acquisition of SWIP at the beginning of the quarter and we are pleased with the progress of the integration so far, in terms of both timing and the planned synergies. “Our enlarged and strengthened business enables us to meet the needs of a broader range of clients given our diverse product mix and Aberdeen, as a result, is even better placed to deliver attractive returns to clients and shareholders alike.”. We have now finalised the structure of our enhanced Investment Solutions capability, which is a significant element of the overall Aberdeen Solutions AuM. By combining the two legacy teams, we now have a wellresourced and experienced team dedicated to developing and delivering innovative solutions for our clients. AuM at 30 June 2014 totalled £322.5 billion, a 0.6% decrease on 31 March 2014, as summarised in the following table. Fixed Aberdeen Equities income solutions Property Total £bn £bn £bn £bn £bn AuM at 31 March 2014. 107.9. 98.1. 94.5. 24.0. 324.5. (1.1). (26.4). 31.2. (3.7). -. 106.8. 71.7. 125.7. 20.3. 324.5. -. -. 0.8. -. 0.8. Net new business flows - Aberdeen. (4.2). (0.6). (0.7). -. (5.5). Net new business flows – SWIP. (0.4). (1.7). (1.4). 0.2. (3.3). 6.2. 2.5. 2.3. 0.3. 11.3. Exchange movements. (3.0). (1.4). (0.5). (0.4). (5.3). AuM at 30 June 2014. 105.4. 70.5. 126.2. 20.4. 322.5. Reclassification of SWIP multi-asset AuM AuM at 31 March 2014 - restated Purchase of SWIP infrastructure business. Market movements & performance. WorldReginfo - 8bb93af8-671b-49df-9131-4b1a281ff718. The major element of the acquisition of Scottish Widows Investment Partnership (“SWIP”) was completed on 31 March 2014, followed by the purchase of the SWIP infrastructure business which was completed on 1 May 2014. The process of integrating the SWIP business into the Aberdeen Group is proceeding in accordance with our expectations, both on timing and in delivering cost synergies, and we believe that the front office integration will be largely complete by the end of this year. There will inevitably be some short term rationalisation of the SWIP assets under management (“AuM”) during this period and we have therefore disclosed the SWIP new business flows separately from the Aberdeen flows for the quarter to 30 June 2014 and we will also do so for the next quarter..

(2) We have amended the presentation of the SWIP multi-asset AuM such that it is now disclosed wholly with Aberdeen Solutions rather than an element being allocated to the underlying component asset classes as SWIP had done previously; this change will align the AuM analysis with our reporting of new business flows. The Aberdeen new business flows for the quarter were affected by the withdrawal by a single client of approximately £4 billion of low margin AuM from our Asia Pacific and global equities strategies during the quarter. Excluding this withdrawal, the underlying flows for the quarter have a more encouraging tone: net outflows from global emerging market equities reduced to only £0.2 billion, Asia Pacific contributed £0.1 billion of net inflows and global equities saw net outflows of £0.3 billion. In fixed income, our emerging market debt funds remain in demand, contributing £0.7 billion of net inflows in the quarter. We have seen this more encouraging trend continue in July. We have continued to win new mandates which will be funded by clients in future periods, with over £2 billion of mandates awarded but not funded at 30 June, well spread across Asia Pacific and global equities, emerging market debt and property. We have added further to this pipeline during July, including new fund launches in private equity and infrastructure and mandate wins in diversified alternatives and property multimanager. Overall net outflows from the SWIP business totalled £3.3 billion in the quarter. Much of this arose from anticipated outflows from certain elements of the acquired business, together with seasonal outflows from low margin liquidity funds. However, it is notable that SWIP’s property capability attracted £0.2 billion of net inflows during the quarter. We have also reached agreement with one external client to reorganise the mix of their portfolios which will not change the AuM but will bring some revenue benefit from early in our next financial year. The majority of the outflows for the quarter have been from lower margin products, within both Aberdeen and SWIP, and the effect on annual fee income is relatively small; consequently, the blended average fee rates remain at the levels reported at our interim results (Aberdeen: 50bps, SWIP: 17bps). An analysis of the new business figures for the nine months to 30 June 2014 is provided at the end of this statement. Our equity funds have delivered healthy outperformance against their respective benchmarks during the first half of 2014, reflecting our consistent focus on investing in good quality companies for the long term, and thus maintaining our strong long term performance numbers. Fixed income performance has also continued steadily ahead of benchmark.. For further information please contact: Aberdeen Asset Management PLC Martin Gilbert Chief Executive Bill Rattray Finance Director. +44 (0) 20 7463 6000 +44 (0) 20 7463 6000. Maitland Neil Bennett Tom Eckersley. +44 (0) 20 7379 5151 +44 (0) 20 7379 5151. Management will host a conference call for analysts and institutions at 08:00 BST today. Participant Joining Details UK Freefone: 0800 6781161 UK Direct: 01296 311600 International direct: +44 1296 311600 Passcode: 205 581. WorldReginfo - 8bb93af8-671b-49df-9131-4b1a281ff718. We have seen some improvement in investor sentiment towards emerging market and Asia Pacific equities in the latest quarter, and our distribution team is seeing encouraging interest from investors in our broader product range. While we remain cautious on market sentiment in the short term, we remain confident that we can continue to build the Group’s revenue and profit through further organic growth..

(3) ASSETS UNDER MANAGEMENT AT 30 JUNE 2014. 31 Mar 14 £bn. 31 Mar 14 (restated) £bn. 30 Jun 14 £bn. 107.9. 106.8. 105.4. Fixed income. 98.1. 71.7. 70.5. Aberdeen solutions. 94.5. 125.7. 126.2. Property. 24.0. 20.3. 20.4. 324.5. 324.5. 322.5. Aberdeen. 190.4. 190.4. 187.9. SWIP. 134.1. 134.1. 134.6. 324.5. 324.5. 322.5. Equities. OVERALL NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2014 Qtr to 31 Dec 13 £m. Qtr to 31 Mar 14 £m. 6 mths to 31 Mar 14 £m. Qtr to 30 Jun 14 £m. 9 mths to 30 Jun 14 £m. 6,806. 7,473. 14,279. 7,556. 21,835. -. -. -. 2,531. 2,531. 6,806. 7,473. 14,279. 10,087. 24,366. 11,262. 11,780. 23,042. 13,086. 36,128. -. -. -. 5,842. 5,842. 11,262. 11,780. 23,042. 18,928. 41,970. (4,456). (4,307). (8,763). (5,530). (14,293). -. -. -. (3,311). (3,311). (4,456). (4,307). (8,763). (8,841). (17,604). Gross inflows: Aberdeen SWIP. Outflows: Aberdeen SWIP. Aberdeen SWIP. WorldReginfo - 8bb93af8-671b-49df-9131-4b1a281ff718. Net flows:.

(4) OVERALL NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2014 – ABERDEEN Qtr to 31 Dec 13 £m. Qtr to 31 Mar 14 £m. 6 mths to 31 Mar 14 £m. Qtr to 30 Jun 14 £m. 9 mths to 30 Jun 14 £m. Equities. 3,519. 2,742. 6,261. 3,836. 10,097. Fixed income. 2,180. 3,139. 5,319. 2,736. 8,055. Aberdeen solutions. 303. 945. 1,248. 413. 1,661. Property. 804. 647. 1,451. 571. 2,022. 6,806. 7,473. 14,279. 7,556. 21,835. Equities. 6,625. 7,767. 14,392. 8,116. 22,508. Fixed income. 3,352. 2,813. 6,165. 3,296. 9,461. Aberdeen solutions. 963. 959. 1,922. 1,139. 3,061. Property. 322. 241. 563. 535. 1,098. 11,262. 11,780. 23,042. 13,086. 36,128. Equities. (3,106). (5,025). (8,131). (4,280). (12,411). Fixed income. (1,172). 326. (846). (560). (1,406). (660). (14). (674). (726). (1,400). 482. 406. 888. 36. 924. (4,456). (4,307). (8,763). (5,530). (14,293). OVERALL NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2014 – SWIP Qtr to 30 Jun 14 £m. 9 mths to 30 Jun 14 £m. Gross inflows:. Outflows:. Net flows:. Aberdeen solutions Property. Equities. 20. 20. 595. 595. 1,537. 1,537. 379. 379. 2,531. 2,531. 399. 399. Fixed income. 2,292. 2,292. Aberdeen solutions. 2,991. 2,991. 160. 160. 5,842. 5,842. (379). (379). Fixed income. (1,697). (1,697). Aberdeen solutions. (1,454). (1,454). 219. 219. (3,311). (3,311). Fixed income Aberdeen solutions Property. Outflows: Equities. Property. Net flows: Equities. Property. WorldReginfo - 8bb93af8-671b-49df-9131-4b1a281ff718. Gross inflows:.

(5) NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2014 – EQUITIES (ABERDEEN) Qtr to Qtr to 6 mths to Qtr to 9 mths to 31 Dec 13 31 Mar 14 31 Mar 14 30 Jun 14 30 Jun 14 £m £m £m £m £m Gross inflows: Asia Pacific. 1,519. 1,391. 2,910. 1,773. 4,683. Global emerging markets. 1,193. 822. 2,015. 1,218. 3,233. 26. 30. 56. 87. 143. 669. 393. 1,062. 676. 1,738. UK. 57. 72. 129. 59. 188. US. 55. 34. 89. 23. 112. 3,519. 2,742. 6,261. 3,836. 10,097. Asia Pacific. 2,144. 2,972. 5,116. 3,426. 8,542. Global emerging markets. 2,375. 3,262. 5,637. 1,439. 7,076. 46. 44. 90. 68. 158. 1,900. 1,330. 3,230. 3,042. 6,272. UK. 46. 56. 102. 69. 171. US. 114. 103. 217. 72. 289. 6,625. 7,767. 14,392. 8,116. 22,508. (625). (1,581). (2,206). (1,653). (3,859). (1,182). (2,440). (3,622). (221). (3,843). (20). (14). (34). 19. (15). (1,231). (937). (2,168). (2,366). (4,534). UK. 11. 16. 27. (10). 17. US. (59). (69). (128). (49). (177). (3,106). (5,025). (8,131). (4,280). (12,411). Europe Global & EAFE. Outflows:. Europe Global & EAFE. Asia Pacific Global emerging markets Europe Global & EAFE. WorldReginfo - 8bb93af8-671b-49df-9131-4b1a281ff718. Net flows:.

(6) NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2014 – FIXED INCOME (ABERDEEN) Qtr to Qtr to 6 mths to Qtr to 9 mths to 31 Dec 13 31 Mar 14 31 Mar 14 30 Jun 14 30 Jun 14 £m £m £m £m £m Gross inflows: Asia Pacific. 41. 21. 62. 78. 140. 296. 142. 438. 184. 622. 41. 56. 97. 21. 118. 518. 1,198. 1,716. 1,013. 2,729. 39 76. 36 74. 75 150. 26 66. 101 216. High yield. 286. 359. 645. 325. 970. Money market. 749. 830. 1,579. 779. 2,358. 49 85. 324 99. 373 184. 20 224. 393 408. 2,180. 3,139. 5,319. 2,736. 8,055. Asia Pacific. 112. 85. 197. 232. 429. Australia Convertibles. 448 43. 366 19. 814 62. 352 100. 1,166 162. Emerging markets. 396. 456. 852. 296. 1,148. 42. 69. 111. 76. 187. 205 206. 35 267. 240 473. 107 299. 347 772. 1,286. 1,071. 2,357. 944. 3,301. UK. 225. 269. 494. 391. 885. US. 389. 176. 565. 499. 1,064. 3,352. 2,813. 6,165. 3,296. 9,461. (71). (64). (135). (154). (289). (152). (224). (376). (168). (544). (2). 37. 35. (79). (44). 122. 742. 864. 717. 1,581. Europe. (3). (33). (36). (50). (86). Global. (129). 39. (90). (41). (131). High yield Money market. 80 (537). 92 (241). 172 (778). 26 (165). 198 (943). UK. (176). 55. (121). (371). (492). US. (304). (77). (381). (275). (656). (1,172). 326. (846). (560). (1,406). Australia Convertibles Emerging markets Europe Global. UK US. Outflows:. Europe Global High yield Money market. Asia Pacific Australia Convertibles Emerging markets. WorldReginfo - 8bb93af8-671b-49df-9131-4b1a281ff718. Net flows:.

(7)