Hugh Young's Asia-Pacific team was the only Aberdeen equity desk to increase assets under management...
Hugh Young's Asia-Pacific team was the only Aberdeen equity desk to increase assets under management in the year to 30 September, according to the group's annual results released this week.
Young's team saw assets rise to £1.37bn from £1.18bn. UK equity assets fell by £1.5bn after a troubled year in which Asia Pacific fund manager Chong Yoon-Chou took over as head of UK equities. There were also drops of £404m in Europe and £474m in North America.
Investment trust assets shrank from £6.44bn to £4.48bn. The group's total assets under management fell from £25.8bn to £23.7bn following the collapse of four of its 19 split caps, negative market movements and redemptions.
Aberdeen reduced its dividend by 68% to 2.15p per share in a cost-cutting measure after profits dropped from £14.9m last year to £6.8m in 2002. The group's bank debt increased by £202.6m over the same period.
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