Aberdeen Asset Management Share Discussion Threads

[ferries5] 19/3/2006 11:44

Aberdeen

Aberdeen Asset Management charged to the top of the FTSE 250 leaderboard last Wednesday, following a bullish note from Morgan Stanley and some vague bid rumours.

It is now two and a half years since the firm drew a line under the split capital investment trust scandal that almost brought the firm to its knees. Since the settlement with the Financial Services Authority was announced on Christmas Eve 2004, the shares (192p) have gained 140 per cent.

Last year's takeover of Deutsche Asset Management's UK business has accelerated that recovery, and appears to be progressing well. Morgan Stanley says it believes Aberdeen can deliver organic growth of around 9 per cent and has set a new target price of 195p.

The bank points out that on a multiple of 14 times projected earnings, the company is trading at a 5 per cent discount to its European peers, despite its strong earnings and growth prospects. It argues the company's potential is unrecognised and that it is due a re-rating. We agree. Buy.

[focus1800] 18/3/2006 23:09

I read that ADN was upgraded by a broker on rumours of a possible breakup! Anyone know what that means, or implies?

[iroll] 16/3/2006 14:49

Many thanks Piedro.

I share your confidence in the management headed by Martin Gilbert whose strong nerve and leadership qualities came to the fore during the costly split capital episode. Recovery during the last year or so IMHO has been nothing short of amazing.

I have been a holder since 1984 and I remain happy to continue particularly while we enjoy the favourable trading climate provided by this bull market.

[adeyberry] 16/3/2006 13:52

Piedro...

Thanks, and I am already wishing I had bought in again first thing this morning! I'll see how we fair later in the day!!

Normally one expects a fair retrace after a rise like yesterday, but maybe not on this occasion!!

Must admit I don't like being on the sidelines....lol!

[piedro] 16/3/2006 13:45

Adeyberry - good luck & come back soon.

There is still a long way to go - in 2000/01 the share price reached 450p.
I have every confidence in this management getting us back there again if this bull market continues for another year.

[adeyberry] 16/3/2006 12:54

I sold my holding yesterday after a very productive day, only as I feel the share price can't keep up it's momentum after that! And doing this for a living I can't afford to let a good profit slip away!

Very impressed with how she is holding today, will consider re-investing shortly!

Good luck all that hold!

[phbatbjco] 16/3/2006 12:18

Great stuff Piedro!

[adeyberry] 16/3/2006 12:09

Very good!

[piedro] 16/3/2006 11:53

Adeyberry and phatbjco,

I have started a new thread - hope you approve.

[piedro] 16/3/2006 11:38

ABERDEEN ASSET MANAGEMENT PLC

From the Interim Results for six months to 31 March 2009


Chairman's Statement
Over the six month period ended 31 March 2009, Aberdeen Asset Management has maintained a resolute approach to the difficult financial environment. We have achieved both healthy levels of new business and our targeted cost savings, whilst the acquisition of certain assets and businesses of the traditional asset management business of Credit Suisse is proceeding on schedule.

The financial crisis continues to weigh heavily on the global economy and markets. De-leveraging across the developed world has impacted both credit and equity markets and we expect it will be some time before the effects of the fiscal stimuli take effect and countries begin to emerge from recession. In common with other asset management houses, the Group's revenues have been adversely affected by sharply declining and volatile markets, and currency exchange rates.

Despite these challenges, the Group's diversified business model and the breadth and scale of its client and asset base provides considerable resilience. In addition, since the current downturn began, we have focussed on our cost base. We have previously announced some £77 million of gross annualised cost reductions which, net of consequent income loss, will deliver £60 million of net annualised savings, with £50 million expected to benefit the current financial year. Implementation of these savings, is proceeding on schedule, with a net benefit of £20 million in the first half year and a further £30 million due to be completed during the second half. In light of the continuing market weakness we have identified a further £20 million of annualised cost savings which will be implemented during the remainder of 2009. We expect the full benefit of this latest phase to be reflected in the financial year to 30 September 2010.

Meanwhile the acquisition of certain of Credit Suisse's traditional asset management businesses, announced at the end of 2008 is on track and this transaction will considerably strengthen Aberdeen's position as a major global asset manager, providing significant potential for growth. The business and capital alliance with Mitsubishi UFJ Trust & Banking Corporation (MUTB) which we announced in October 2008 will also provide advantageous new distribution opportunities in the Japanese institutional market once conditions become more favourable.

[phbatbjco] 16/3/2006 10:26

Agreed Piedro - plse start a new thread!!!!!!!!!!

The opening comments on this thread are way off beam! - and 5 yrs out of date

[adeyberry] 15/3/2006 20:43

Be my guest, some charts would be nice in the header too!!

[piedro] 15/3/2006 15:54

I think we need a new thread in honour of the events.

Any offers?

[adeyberry] 15/3/2006 14:39

Beautiful springs to mind!!

Nervously topped up at 167.75p recently......and am sure glad I did!!

[focus1800] 15/3/2006 14:35

Now, isnt that chart a sight for a sore eye!

[piedro] 20/2/2006 14:51

Good management inspiring confidence.

[phbatbjco] 20/2/2006 14:32

Really string performance here over the past few months. The increased asset management, presumably allied to the stock market performance is the reason.

[focus1800] 05/2/2006 15:45

I wonder if that news will lift the share price tomorrow!

[sealed] 05/2/2006 14:13

AAM wins £30m Asian fund rights after fears it was on brink of failure

IAIN DEY AND BILL MAGEE

ABERDEEN Asset Management has won the mandate for a £30m Asian investment that was jointly run by Scottish Widows Investment Partnership, following fears that it was about to "wither away".

William Knight, the chairman of the Thai Euro Fund, a Guernsey-based OEIC, wrote to his shareholders 10 days ago to reveal the plans.

Although he did not criticise the investment performance of SWIP and Bangkok-based MFC Asset Management, Knight said "radical changes" were needed to sharpen up its marketing and keep the fund alive.

Knight said in his letter: "It has been clear to the board of directors that if the fund is to have a successful future it must be actively marketed to new investors. Indeed, it is the board's opinion that if it is not marketed, or does not develop a strong new investor base, the fund will wither away like similar Thai country funds."

The move comes amid the radical turnaround in Aberdeen's fortunes, sparked by its ambitious £264m acquisition of Deutsche Asset Management's UK business last year. The move on Deutsche took group funds up to £71.7bn from £28bn.

The firm won the Thai mandate due to its strong presence in Asia, where the investment team is led by Hugh Young, Aberdeen's star fund manager.

Although MFC Asset Management was the lead manager of the Thai Euro Fund, SWIP was the investment adviser, and included a factsheet on the fund on its website.

Knight said the mandate switch would not cost more than £65,000.

It has also emerged that Aberdeen has ditched previous plans to enter the hedge fund market. Its chief executive, Martin Gilbert, was reported six months ago to be seriously considering adding hedge funds to the group's largely institutional business.

Last week, a spokeswoman for Aberdeen said of any move by the company into hedge funds: "It has not happened and there are no plans at the moment."

Martin Cross, an analyst with Altium Securities, said of the change of mind: "Aberdeen is largely institutional, so Gilbert is sticking to what he knows."

Meanwhile, Gilbert is busy integrating the Deutsche offshoot into his company's operations and was not available for comment.

He is taking some time out by travelling to Geneva this coming week, to Europe's top institutional fund management conference.

There, he will be chairing a panel centred on the question of what the market will be demanding from asset managers in three to five years' time

Also attending will be Vivina Berla, US-owned Gartmore's head of Europe, Middle East and Africa.

[sealed] 25/1/2006 11:31

Mon 23 Jan 2006
LONDON (SHARECAST) - Aberdeen Asset Management topped the mid cap hit parade after Morgan Stanley started coverage with 'overweight' advice and 185p target price.

[phbatbjco] 25/1/2006 11:20

Healthy gains here in the last couple of months up from 120 to 165.

Any more views?

[iroll] 20/1/2006 10:27

Business Telegraph...........

Market report
By Yvette Essen
(Filed: 20/01/2006)

In the FTSE 250, Aberdeen Asset Management rose 5½ to a three-and-a-half year high of 150p ahead of today's agm trading update. Dealers said Numis, which last week named the company as its speciality finance stock of the year, was mopping up shares, causing volumes to be three times the daily average. Traders are expecting a positive update on new business figures and assets under management.

[piedro] 10/1/2006 15:55

Deutsche Bank AG adds 5,457,354 to give a total holding of 24,536,135 (3.92)

[napoleon 14th] 20/12/2005 17:34

Aberdeen Asset Management has raised £110 million for Hugh Young's new Asian Income fund.

The Jersey-domiciled fund, which aims to deliver a gross yield of 4.5% based on the launch share price, attracted 500 investors – including private client fund managers and fund of funds managers – for its placing and offer for subscription.

Young, managing director of Aberdeen's Asia business and A-rated by Citywire for his management of the group's Far East Emerging Economies and Asia Pacific unit trusts, said: 'The level of interest in the fund has been tremendous reflecting increased investor demand for sources of income outside the traditional UK equity and bond sectors. Dividend payout momentum among Asian companies is improving, making the region one of the highest yielding in the world.'

The closed-end fund will invest primarily in Asian Pacific equities, although it will also be able to invest in Asian bonds. It will aim to actively manage its discount.

[piedro] 05/12/2005 09:25

It was not a question of bad news but whether the results would be up to expectations.
DYOR