Martin Gilbert
SIMON BAIN
Aberdeen Asset Management shares fell by five per cent after it reported £34billion of net outflows last year, as investors pulled money out of its emerging market funds.
Aberdeen chief executive Martin Gilbert said the cyclical downturn in those markets probably still had some way to run, but investors were being rewarded for patience with a rising dividend.
Assets at the end of September totalled £283.7 billion, down from £324.4 billion a year earlier, Aberdeen said, hit particularly by outflows of £16.4 bn from its equity funds and a negative market move of £12.1 bn.
"It's tough times. We just need to wait for emerging markets to come back into fashion," Mr Gilbert said.
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