AAM eyes profits at top end of City forecasts

Aberdeen Asset Management (AAM) today said its annual profits should come in towards the upper end of market expectations after it secured £7 billion of gross new business in July and August.

However, the firm’s assets under management dipped to £201.7bn by the end of August, from £209.6bn two months earlier, as “considerable volatility” across global markets knocked £3.3bn off the value of equities in its funds.

AAM chief executive Martin Gilbert said: “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.”

Analysts’ forecasts for pre-tax profits for the year to 30 September range from £431 million to £477m.