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LONDON | Mon Sep 26, 2011 9:54am BST
LONDON (Reuters) - Fund manager Aberdeen Asset Management said clients pulled 800 million pounds from its funds in the two months to the end of August as market volatility hit demand for its fixed income and alternative products.
Assets under management fell to 176.9 billion pounds at end-August, 4.8 percent lower than at June 30, as slumping stock markets hit performance of Aberdeen's core range of equity funds, the investment house said in a statement on Monday.
"There is no easy resolution to Europe's sovereign debt problems and the expectation is for anaemic economic growth in the West for some time," Aberdeen's Chief Executive Martin Gilbert said.
Despite shaky returns, Aberdeen said clients added 300 million pounds to its equity fund range during the period, however, buying global emerging market and global equities strategies to offset weaker stock markets in Europe and the UK.
Strong demand for these products and other higher-margin pooled funds is expected to push profits for the full financial year to the top end of analysts' forecast range of 262 million pounds and 297 million pounds, Aberdeen added.
(Reporting by Tommy Wilkes; Editing by Sinead Cruise)
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