Aberdeen shares plunge over 7% on mass outflows

Aberdeen Asset Management is at the bottom of today's FTSE 100 leaderboard after shares slumped more than 7% following a disappointing trading update

In its results for the three months to the end of June, the firm announced outflows from the business of £9.9bn, including £3.7bn from Scottish Widows Investment Partnership which it acquired last May for £550m. Shares in the FTSE 100-listed company fell sharply on the news, standing 7.4% lower at 369.8p by noon. The outflows caused assets under management to fall from £331bn at the end of March to £307bn by the end of June. However, the broader FTSE 100 index avoided losses, rising 0.1% this morning to 6,673. That followed a 1.5% sell-off on Wednesday. Among the biggest risers,...