Risky investors give AAM a lift

Aberdeen Asset Management (AAM) saw its shares surge 8 per cent yesterday after risk-seeking investors helped its profits beat market forecasts.

The fund manager said positive market conditions around the world helped assets under management grow 13 per cent to £212.3 billion by the end of March, but the early part of this month had seen more volatility.

Chief executive Martin Gilbert said investors’ appetite for “risk assets” such as equities was returning, but the outlook for markets remained “cautious”.

Underlying pre-tax profits jumped 37 per cent to £222.8 million, well ahead of consensus forecasts of £205m, on revenues 25 per cent higher at £516m.

The interim dividend was lifted 36 per cent to 6p and shares in the firm ended the day 33.4p higher at 450.5p.