Aberdeen Asset Management’s payment in March of £46.8m to settle with Real Estate Opportunities split capital investment trust has reduced pretax profits in the year to £23.7m from £53.8m last time.
Aberdeen said it cast a shadow over what had been record inflows and a 30% rise in assets under management to £100bn.
Wins believes there will be a rush to exit property funds with New Star Asset Management among the worst affected. Henderson’s shares have slipped 12.5% in the past quarter. Analysts are now applying these concerns to other managers, such as Schroders and Aberdeen, which have less than 10% in property but are heavily exposed to equities.
04/12/07 Financial Times 23, 25
Times 38, 44, 49
Daily Telegraph B2, B10, B12
Guardian 28
