Aberdeen Sees $13.3 Billion in Outflows After Trump Victory
A collection of British five pound sterling banknotes sit in this arranged photograph in London, U.K., on Thursday, Oct. 13, 2016. The U.K. currency is getting harder to trade, and to predict, because the nation’s exit from the European Union has changed the rules of engagement.
Photographer: Miles Willis/BloombergAberdeen Asset Management Plc reported 10.5 billion pounds ($13.3 billion) of net outflows in its fiscal first quarter after Donald Trump’s U.S. presidential election victory dented sentiment toward emerging markets.
A U.K. wealth manager and a sovereign wealth fund accounted for 4.2 billion pounds of outflows in the three months through December as investors pulled money from a range of equity, fixed-income and multi-asset funds, the Scottish firm said Thursday. Assets under management fell 3 percent to 302.7 billion pounds from the previous quarter.