Shares in Aberdeen Asset Management (LSE: ADN) rose by 2% in early trade this morning, following the release of its pre-close trading update.
The international investment management group revealed that underlying pre-tax profit for the year to 30 September 2013 is now expected to be towards the upper end of market forecasts, causing the lift in share price.
This comes despite assets under management dipping slightly, with £201.7bn at 31 August 2013 against 30 June 2013’s count of £209.6bn.
The Group announced that clients pulled £1.2bn from funds spread across asset classes in those two months, due to fear over the “volatility in global markets during the summer”, particularly the US Federal Reserve’s decision over its stimulus programme.
Gross new business flows for the two-month period totalled £7bn, bringing the year-to-date total to £41.3b, compared to last year’s 11-month figure of £33.1bn.
Chief executive Martin Gilbert commented:
“Aberdeen’s performance during the past year, and particularly over the last three months, has demonstrated our core resilience. Our assets under management, balance sheet and profitability remain robust despite continuing market volatility. This is testament to the scale and diversity of the business and the long-term performance and service we offer clients across different funds and asset classes.
“We are also mindful that while there are signs of recovery in Europe and the US the situation is fragile and structural problems have not been resolved. Aberdeen and our funds are well placed to navigate the difficult market environment ahead to deliver strong returns to our clients and investors.”
