Tuesday May 5, 07:39 AM
UPDATE 1-UK's Aberdeen H1 profit falls to 33 mln pounds
By James Molony
LONDON, May 4 (Reuters) - British fund firm Aberdeen Asset Management (LSE: ADN.L - news) said on Tuesday underlying profit before exceptionals for the six months to end-March was 33 million pounds ($49.03 million), down from 47.3 million a year ago.
The group suffered net outflows of 8.5 billion pounds during the first half, worse than some analysts had expected, leaving assets under management at 96.3 billion pounds, compared to 107.3 billion a year ago.
The company said efforts to achieve cost savings of 77 million pounds were progressing well and it will target a further 20 million pounds worth of savings.
'We remain interested in taking advantage of any suitable expansion opportunities that may present themselves in the downturn,' chief executive officer Martin Gilbert said.
(To read the Reuters Hedge Fund Blog click on http://blogs.reuters.com/hedgehub; for the Global Investing Blog click on http://blogs.reuters.com/globalinvesting/) ($1=.6730 Pound) Keywords: ABERDEEN/INTERIMS
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