Aberdeen shares hold back FTSE after latest outflows

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Investors turned their backs on Aberdeen Asset Management this morning after it reported net outflows of almost £9bn in the third quarter of its financial year, with the stock keeping a lid on gains made by the wider index.

The asset manager's share price fell 3.4%, to 443.7p, in the wake of the firm’s latest update. Aberdeen had expected outflows following the completion of the SWIP takeover, but today it revealed they were more than double those forecast.

It said its own funds had seen £5.5bn of net outflows, while SWIP funds saw a further £3.3bn.

Aberdeen said the figure included a single client withdrawal of £4bn from its Asia Pacific and global equities strategy.

Shares in the business have been particularly volatile since the emerging markets sell-off last summer.

They recovered sharply at the end of the year, but further headwinds for emerging markets this year have wiped more off the value of the company.

At 443p, shares are currently around 10% below their peak last May.

Losses at Aberdeen and Royal Bank of Scotland - where investors took profits after Friday's one-day gain of more than 10% - capped gains for the wider FTSE 100.

The index was up 11 points at 6,802 by mid-morning, boosted by Reckitt Benckiser which pleased investors after announcing it was spinning-off one of its less-profitable divisions.

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