Business Services Industry
U.K. Financial-Service Provider Aberdeen Asset Management Gets Bull by Horns.
Knight Ridder/Tribune Business News, March, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Mar. 31--Aberdeen Asset Management is once again winning new business. It pulled in UKpound 1.1 billion from customers in the five months to February.
After investment gains, total funds rose from UKpound 20.4 billion in September to UKpound 23 billion.
Most funds came from City investors, but Aberdeen is launching retail funds. This suggests its brand has survived the split-capital trusts scandal.
Debt gearing is down from 148 percent of market value to 87 percent, or about UKpound 190 million. Aberdeen could cut it further by selling its two property operations, each worth about UKpound 40 million.
Compensation for splits investors is hard to estimate. The...
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