Aberdeen profits rise 15% despite 'difficult and uncertain year'

Aberdeen Asset Management has grown its profits by 15% in the last year despite "difficult and uncertain" market conditions.

The group - which boasts top performing Asian funds including Hugh Young's Asia Pacific vehicles - grew profits to £348m in the last 12 months, up from £302m. Revenues also climbed 11% to £869m, although the results were tempered by a decline in gross new business which fell from £43bn to £36bn. Net new business was flat, up from a decline of £1.7bn the previous year. Assets under management overall are up 10% to £187bn, thanks in part to market movements. Martin Gilbert, chief executive of Aberdeen, said the group had delivered strong performance for shareholders in the face of di...