LONDON: Aberdeen Asset Management's clients added 1.4 billion pounds ($2.2 billion) of new money to its range of funds in first two months of the year, as investors recovered their appetite for risk and returned to buying equity products.
In a trading update on Monday,Aberdeensaid its assets under management rose to 184.4 billion pounds at end-February, from 173.9 billion at end-December as stock and bond markets rallied.
The company, which recently joinedLondon's blue-chip FTSE 100 index, said demand for global emerging market, global and Asia-Pacific equities had driven the net inflows, helping it to beat a forecast of 400 million pounds from analyst Singer Capital Markets.
Shares inAberdeenwere 2. 3 percent higher by 0 75 0 GMT, outperforming a flat FTSE 100.
Markets have rebounded strongly in 2012, aided by central banks pumping billions of cheap cash into the financial system in response to the euro zone debt crisis.
Aberdeen's clients pulled 2.8 billion pounds in the final three months of last year, the fund manager said in January, largely because of withdrawals from lower-margin assets such as fixed income.
"These figures reflect the continuing theme of flows into higher-margin products across the business. Performance remains strong and our disciplined investment approach means we are well-placed to continue to deliver for our investors," Martin Gilbert,Aberdeen's chief executive, said in a statement.
Aberdeensaid fixed - income outflows had slowed significantly from previous quarters and it continued to see positive interest for both emerging market debt and Asian local currency short- d u ration product.
The manager also said it had recently been appointed to two new mandates in its property business, which it expects to fund during the second half of its financial year.
Numis analysts said in a note the trading update reinforced its view thatAberdeenwas among the most attractive listed fund managers.
The analysts said increasing flows into its higher margin products, which offset withdrawals from lower margin areas, boosted its expectations of earnings and dividend growth, and it rated the stock as a "buy".
Aberdeenalso said the recent inflows into its higher-margin products would add 20 million pounds in annual revenues.
The firm will report its results for the six months to end-March on April 30.
Copyright Reuters, 2012