Analyst Views: How did you rate Aberdeen Asset Management’s latest set of results?

Fund flows were worse than anticipated from the Swip post-deal, and a one-off institutional equity outflow, which while previously flagged was bigger in scale than expected. Aberdeen has indicated that Swip attrition is partly seasonal. We see share price weakness as an opportunity to buy.

 

A messy quarter three interim management statement, but flows are stabilising, investment performance is improving and the revenue yield is holding up. We see little change to forecasts as a result.

 

Aberdeen has proved itself to be one of the best performing, operationally, asset managers in the sector in the last five years. Short-term sentiment today will likely be overshadowed by the single £4bn withdrawal from a client, who remains an existing customer.