UK - Aberdeen Asset Management has reported asset outflows of £13.9bn (US$21bn) in the six months to 31 March.
But it said it had seen asset outflows of £13.9bn in the six month period and gross inflows of only £5.4bn - net flows of £8.5bn.
Total assets under management were down from £107.3bn at the end of March 2008 to £96.3bn at the end of March this year.
Of this, £70bn was institutional money, £8.3bn open-ended funds and £4.7bn was closed-ended. Property made up £13bn.
The firm said the largest net outflows from fixed income mandates, where it saw £10.6bn of outflows and only £1.6bn of gross inflows.
It said the outflows included the expiry of some fixed term mandates but were exacerbated by some corporate activity and portfolio balancing by some of its clients.
Aberdeen expected the rate of outflows would slow during the second half of the year.
The group also reported its revenue was down from £201.5m last year to £192.2m.
Having previously announced a £77m cost-saving exercise, Aberdeen says it will implement a further £20m of efficiencies, with new banking facilities agreed to mid-2011.
While the Credit Suisse acquisition is progressing according to plan, with the final closing slated for 30 June, chief executive Martin Gilbert says Aberdeen will still look to suitable expansion opportunities that may present themselves.
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