Reuters: Financial Services and Real Estate: UPDATE 1-Aberdeen profit rises as risk appetite returns

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Aberdeen profit rises as risk appetite returns Apr 30th 2012, 06:30 Mon Apr 30, 2012 2:30am EDT * Underlying pre-tax profit 162.2 mln stg, up 14 pct * Assets under mgmt rise to 184.7 mln stg * Dividend per share 4.4 pence, up 16 pct LONDON, April 30 (Reuters) - Aberdeen Asset Management saw its underlying pre-tax profit rise 14 percent in its first half year after a recovery in client risk appetite boosted assets under management and the funds house improved its fee margins. The UK fund manager said in a statement on Monday its pre-tax profit rose to 162.2 million pounds ($263 million) in the six months to end-March, up from 142.8 million pounds a year earlier, driven by a 3.4 basis point rise in its average fee margin to 43.9 basis points. The group also said assets under management stood at 184.7 billion pounds at end-March, up 9 percent from six months earlier. Aberdeen is among a handful of asset managers, including Jupiter Fund Management and Polar Capital, to have reported a recovery in demand for riskier assets this year, as worries about the health of the global economy take a backseat. However, Aberdeen's chief executive Martin Gilbert said the recovery remains in its early stages. "Global economic conditions remain uncertain and any recovery is still tentative," he said. "Nevertheless, we remain confident that our long term investment philosophy and process, couple with the scale and diversity of our business and financial strength, leave us well placed to meet the expectations of our investors." Aberdeen said it is paying a dividend per share of 4.4 pence, up 16 percent on last year. Link this Share this Digg this Email Reprints

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