Aberdeen's Gilbert calls the end of ‘brutal' EM sell-off

The "brutal" sell-off which has hit emerging markets for six since the start of the year is now at an end, Aberdeen CEO Martin Gilbert has said, with outflows from the group's fund range slowing.

This morning the group reported an outflow of £8.8bn in the six months to 31 March, though the results were tempered by "some improvement" in March, as outflows dropped to around £500m for the month. "Sentiment has returned to normality in EMs - it was brutal from November to February," Gilbert (pictured) said on a conference call. "We were really hammered by money coming out. They are high-margin asset classes so it was especially bad for revenues." Gilbert also revealed star managers Hugh Young and Devan Kaloo had decreased their portfolio turnover during the period in order to m...