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Aberdeen Asset Management (ADN) is surprisingly resilient this morning after a Q1 trading statement highlighting further net capital outflows (£9.1bn) into end-2015 and management expecting market conditions to remain difficult, with considerable volatility making the flow outlook tricky, especially in Emerging markets. Solace being sought in the slight rise (+2.4%) in Assets Under Management (AUM), a slowing in net outflows from £12.7bn previously and identification of further cost savings for 2016-17 on top of the £50m already communicated to support margins. After plumbing 3yr lows of 215p last week, could the worse be behind the shares with hopes of a more dovish Fed message on rate rise trajectory this evening seen appeasing markets and quelling the global sell-off.
Mike van Dulken, Head of Research
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