Aberdeen Asset Management reported a drop in pre-tax profits for the year to the end of September of 82% to £10.5m, down from £60.5m the previous year.
The fall - after accounting for exceptionals - is mainly due to the poor performance of the group's fixed income products following price falls associated with global deleveraging and the economic crisis.
Before tax and exceptionals, underlying profit is £85.1m which is down £10m from £95.1m in 2008.
Aberdeen reports underlying earnings per share, on a diluted basis, of 6.31p; a decrease of 30% on last year. However, final dividend payment is set at 3.2p per share to be paid on 28 January 2010 to qualifying shareholders registered by 11 December 2009.
Total assets under management at the year end were up by 32% to £146.2bn compared with £111.1bn in 2008, following the acquisition of fund business from Credit Suisse's Global Investors business last December. This added approximately £35.1bn to assets under management during the year.
A 2% drop in revenue to £421.9m was also the result of weak markets earlier in 2009, although this was offset by the additional revenue from the Credit Suisse transaction.
Chairman Roger C. Cornick expects greater consolidation going ahead: "The survivors will be those that can differentiate themselves through performance, first of all, but also through diversification of revenues via products and channels.
"Certainly, the trend to scale of the recent past appears to be ending, with size no guarantee of staying power. The industry's upheavals also mean we can expect more scrutiny from financial regulators and legislators."
He says the severe downturn in global bond and equity markets means an ongoing challenge to balance cost reductions with the need to position for eventual recovery.
"However, 2009 also brought opportunities, and the acquisition of certain fund management businesses from Credit Suisse, completed on 30 June 2009, has added further scale and depth to our investment capabilities," he says.
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