Aberdeen suffers £8.5bn outflows

Net new business was down £8bn on last year, from £0.5bn in 2008 to a loss of £8.5bn, with total assets under management down 13% to £96.3bn, from £107.3bn. Of this, £70bn was institutional money, £8.3bn open-ended funds and £4.7bn was closed-ended. Property made up £13bn. The group's revenue was down from £201.5m last year to £192.2m, with funded group net outflows totalling £8.5bn, predominantly in the fixed income space, for which Aberdeen is blaming the unprecedented widening of credit spreads. Fixed income net flows were a loss of £8.9bn, while equities saw net flows of £286m, pr...