Aberdeen job loss report won't be confirmed until month's end
There will be no official statement until the end of the month to confirm whether possible job losses at Aberdeen Asset Management have been accurately reported, despite media speculation today.
An article from the Financial Times, which has been picked up and reproduced elsewhere, reported that jobs will be lost at the firm and quotes chief executive Martin Gilbert saying that investment roles will be left untouched.
But when contacted by Financial Planning Today this morning Aberdeen officials said the firm will not be making any statements on the job story until the annual results report is published on November 30.
The reports today said possible cuts were being made due to “exposure to the turmoil in emerging markets”.
A £550million deal for Aberdeen to complete the buy out of Scottish Widows Investment Partnership was announced in May.
In July Aberdeen reported net outflows of nearly £9bn for the latest quarter, including a single client withdrawal of about £4bn. During the period up to 30 June, which included the take over of Scottish Widows at the start, assets under management had fallen to £322.5 billion.
Net outflows were £3.3bn from SWIP and £5.5bn from Aberdeen, according to the interim management statement.
In a statement to the Stock Exchange, the company said: "The Aberdeen new business flows for the quarter were affected by the withdrawal by a single client of approximately £4 billion of low margin AuM from our Asia Pacific and global equities strategies during the quarter.”
Earlier this year Aberdeen also announced it had acquired Parmenion.
In mid-September Aberdeen revealed it was to take 100% ownership of specialist investment manager Advance Emerging Capital, which managed £409 million across a range of investment funds as of 30 June. No fee was disclosed for either deal.