LONDON (ShareCast) - Volatile markets took their toll on fund manager Aberdeen Asset in its latest half-year, with profits, revenues and assets under management all down sharply.
Revenue for the six months to March fell to £192.2m
from £201.5m. Profits dropped from £32.5m to £17.9m after one-offs and write-downs, while assets managed fell from £107.3bn to £96.3bn. Net new business declined by £8.5bn over the interim period.
"In common with other asset management houses, the group's revenues have been adversely affected by sharply declining and volatile markets, and currency exchange rates," chief executive Martin Gilbert said.
"We expect the challenging market conditions to continue for the rest of 2009, until such time as de-leveraging by investors is completed and the various government stimulus packages encourage a return of confidence and loosening of credit," he said.
The interim dividend is unchanged at 2.8p.
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