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Not always convinced by Broker views, but the general comment of late, and yes, including Questor's earlier this week. Aberdeen's past and predicted future performance looks fairly sound. Today, Exane BNP Paribas posted a Buy on Outperformance with a target of 350p. Could see a 10% return if things pan out on the current SP. My view, its worth consideration.
Questor in The Telegraph is more effusive, and reckons the shares are a "buy". Questor believes Aberdeen’s long-term performance makes it an attractive pick for investors. The company’s shares currently yield a healthy 3.11%, rising to 3.41% next year. The yield is forecast to hit 4.45% by 2014. Earnings per share are currently 15.11p, edging back to 14.61p next year, according to broker forecasts. Of course, investors must always take into account market conditions and, with the uncertainty caused by the eurozone debt crisis, the financial services sector is not the safest place to be at the moment but Aberdeen has shown over the past few months it is not spooked by macroeconomic factors, Questor notes. It made an ambitious move to replace Katherine Garrett-Cox as manager of the embattled £2.1bn Alliance Trust in April.
In the Times, Tempus notes the strong performance of Scottish investment firm Aberdeen Asset Management. Net Asset Value has risen £1.6bn on the back of a decent performance across most equity markets since June, while the group is also benefiting from a spending spree in which it gobbled up several other Scottish fund managers. With investors seeing a decent return on equities Aberdeen has risen 45% this year, Tempus thinks the stock is due a break but the investment case is decent.
Gross new business flows for the first 11 months of the group's financial year stood at £33.1bn, versus £39.9bn in the corresponding period of the previous year. Net new business showed net outflows of £0.2bn for the 11 month period (11 months to 31 August 2011: net outflow £0.8bn). Inflows continue to be biased towards higher margin pooled products with outflows mainly from lower margin segregated mandates. Much of the money is flowing in to Aberdeen's Asia Pacific, global emerging markets and global equities products, though the group has also seen "encouraging inflows also seen into our emerging market debt capability." By management's estimates, net flows for the July - August period will add around £10m of annualised recurring fee income. "With uncertainty surrounding the global macro-economic situation our disciplined and fundamental approach to investing continues to attract flows from a wide range of clients from around the world," said Martin Gilbert, the Chief Executive of Aberdeen. "Our strong performance across a variety of capabilities and products means we remain well positioned to meet the needs of investors in a constantly changing environment," he added. For analysts at Peel Hunt: "Aberdeen continues to stand out given the earnings momentum and cash generation and we increase our target price to 350p (from 300p) and retain our Buy recommendation."
Aberdeen Asset Management increased assets under management (AuM) in July and August despite a small net outflow of funds. AuM at the end of August stood at £184.3bn, up from £182.7bn at the end of June. The firm took in £6.1bn of new business in the first two months of the second half of 2012, but this was more than offset by withdrawals, such that the firm experienced net outflows of £0.1bn. The firm's Equities pot saw net inflows of £2.0bn during the two month reporting period which, together with market appreciation and foreign exchange (FX) fluctuations, saw equity AuM rise to £97.1bn from £93.5bn at the end of June. Fixed income AuM retreated to £36.8bn from £38.1bn at the end of June as a result of net outflows £1.3bn. The Aberdeen solutions portfolio's AuM at the end of August was £23.6bn, down from £23.8bn two months earlier. The portfolio enjoyed a £0.5bn market & FX performance increase, but this was more than offset by net outflows of £0.7bn. The property funds' AuM declined to £18.7bn from £19.0bn at the end of June, while money market funds' AuM slipped to £8.1bn from £8.3bn two months earlier.
Positive Points: Overall, Aberdeen confirmed that performance across all asset classes had remained robust. The trend of new business flows into higher margin products continues to be enjoyed. The main contributors of inflows have been the group's Asia Pacific, global emerging markets and global equities products, with encouraging inflows also seen into its emerging market debt products. Management estimated that the net flows over the two month period added approximately £10 million of annualised recurring fee income to the business.
Negative Points: Management retains a degree of caution in its outlook. As with any asset manager, declines in global stock market levels could see investors moving cash elsewhere. Ongoing concerns over the Eurozone debt crisis and an economic slowdown may impact on investor's appetite for taking on more risk. A disruption or departure within the group's investment team could lead to an outflow of assets under management.
Financial Highlights: Assets under management at 31 August were £184.3 billion, up from £182.7 billion at 30 June. Gross new business totalled £6.1 billion in the two month period under review, which saw net outflows of £0.1 billion.
Trading statement: Aberdeen sees assets under management nudge higher A positive performance in Aberdeen's fund range helped assets under management rise to £184.3 billion at end of August, up from £182.7 billion two months earlier. Aberdeen said clients continued to buy into its higher margin pooled products in the two months, including global emerging markets and global equities funds, and exit its lower margin segregated mandates focused on fixed income. "With uncertainty surrounding the global macro-economic situation, our disciplined and fundamental approach to investing continues to attract flows from a wide range of clients from around the world," Chief Executive Martin Gilbert said in the statement.
Company overview Aberdeen Asset Management Plc is an international investment management group, managing assets for both institutions and private investors from offices around the world. Its head office is based in Aberdeen, Scotland. The company is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
Ignore the last link - It is old and so am I.
http://www.investegate.co.uk/Article.aspx?id=20120718100600Z5343
Martin Gilbert, Chief Executive of Aberdeen, commented: "With uncertainty surrounding the global macro-economic situation our disciplined and fundamental approach to investing continues to attract flows from a wide range of clients from around the world. Our strong performance across a variety of capabilities and products means we remain well positioned to meet the needs of investors in a constantly changing environment."
ABERDEEN ASSET MANAGEMENT PLC PRE-CLOSE TRADING UPDATE Highlights · AuM at 31 August 2012: £184.3 billion (30 June 2012: £182.7 billion) · Gross new business of £6.1 billion in the two month period under review, net outflows of £0.1 billion · Trend of new business flows into higher margin products continues · Overall performance across asset classes remains robust Gross new business flows for the two months to 31 August 2012 totalled £6.1 billion, bringing the total for the 11 months year to date to £33.1 billion (11 months to 31 August 2011: £39.9 billion). Net new business showed outflows of £0.1 billion for the two months to 31 August 2012, resulting in net outflows of £0.2 billion for the 11 month period (11 months to 31 August 2011: net outflow £0.8 billion). Inflows continue to be biased towards higher margin pooled products with outflows mainly from lower margin segregated mandates. The main contributors of inflows have again been our Asia Pacific, global emerging markets and global equities products, with encouraging inflows also seen into our emerging market debt capability. We estimate that the net flows for the two month period to 31 August will add approximately £10 million of annualised recurring fee income. Investment performance has been good as our investment philosophy and disciplined process have continued to deliver through variable market conditions. While markets have been more settled recently, we retain a degree of caution in our outlook but we believe we are well placed to continue our progress. The announcement of the company's annual results for the year to 30 September 2012 will be made on 26 November 2012.
http://www.investegate.co.uk/Article.aspx?id=201209240700069074M
Fund manager Aberdeen Asset Management saw its assets under management (AuM) edge up in the first two months of the second half of the year. AuM at the end of August stood at £184.3bn, up from £182.7bn at the end of June. Gross new business during July and August totalled £6.1bn, but overall the group saw a net outflow of £0.1bn. Martin Gilbert, Chief Executive of Aberdeen, commented: "Our strong performance across a variety of capabilities and products means we remain well positioned to meet the needs of investors in a constantly changing environment."
Meanwhile Morgan Stanley gives an ‘overweight’ stance on the stock with a target price of 315 pence.
Investment firm Aberdeen Asset Management (LON:ADN) was upgraded to ‘buy’ from ‘hold’ by Societe General after the firm posted a strong third quarter trading update yesterday. Analyst Michael Sanderson said: “Aberdeen’s robust flows confirm our view that it has the best organic earnings per share momentum amongst the conventional diversified asset managers. “In addition, Aberdeen continues to generate significant net cash which offers potential for some form of future additional capital return in excess of the current ordinary dividend.” The broker maintained its target price of 300 pence, while the stock is currently changing hands at 245 pence.
Peel Hunt upgrades Aberdeen Asset Management from hold to buy, target price unchanged at 300p.
We continue to focus our distribution effort on markets with the largest asset pools, particularly USA and Europe, and we believe that the current investor focus on income and yield generation, global products and a greater use of alternatives is likely to continue. As part of our investment in additional resource in the US, we will open an office in New York later this year. Performance remains robust and our investment philosophy and disciplined process have served investors well in the volatile market conditions we continue to experience. We are pleased to note that the quality of our teams was recognised by a number of recent awards. We are likely to see further volatility in global markets but remain confident that we can continue the organic growth of the Group's revenue and profit.
We added gross new business totalling £8.8 billion in the quarter, compared to £10.9 billion for the same quarter last year, bringing the total for the nine month period to 30 June 2012 to £27.0 billion (2011: £33.9 billion). Gross inflows for the quarter are approximately £1.6 billion lower than for the previous quarter, as we have seen a welcome slowing of flows into our global emerging market equity ("GEM") funds. Net new business inflows for the quarter totalled £0.3 billion (2011: £0.7 billion), with healthy net inflows to our higher margin equity products being offset by net outflows from our lower margin capabilities. Overall, the impact of the quarter's net flows will add approximately £15 million of annualised fee income. Net equity inflows were fairly evenly distributed across the three key capabilities, Asia Pacific, GEM and global equities. Within fixed income, our emerging market debt funds continue to attract steady net inflows and our property team continued its recent fundraising momentum by achieving €105 million of equity commitments to a Swedish residential property fund. An analysis of the new business figures for the nine months to 30 June 2012 is provided at the end of this statement.
Martin Gilbert, Chief Executive of Aberdeen, commented: "This has been another successful quarter for Aberdeen, despite the global economic uncertainties and subdued conditions in the world's financial markets. We continue to concentrate on delivering superior investment performance and service for our clients, which enables us to grow organically whilst maintaining a strong balance sheet"
Highlights · Assets under management resilient at £182.7 billion · £8.8 billion of new business won in the quarter; £27.0 billion for the nine months to 30 June 2012 · Positive net new business flows of £300 million for the quarter despite the poor economic backdrop · Net flows for the quarter add approximately £15 million in annualised fee income
http://www.investegate.co.uk/Article.aspx?id=201207230700052093I
HSBC downgrades Aberdeen Asset Management from neutral to underweight, target price cut from 280p to 240p