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Aberdeen’s global fixed income chief Griffiths exits

by Emma Dunkley on Mar 25, 2013 at 10:02

Aberdeen’s global fixed income chief Griffiths exits

Aberdeen Asset Management’s co-head of fixed income Paul Griffiths is leaving the firm to pursue opportunities elsewhere in the industry.

His role will be assumed by Brad Crombie, who will take on responsibility for the group’s fixed income business as global head.

Crombie was appointed global co-head of fixed income in October 2012, having undertaken a review of the group’s investment process in the first half of the year.

Since then, Crombie has been responsible for all investment teams, staffing and budget. He will now also assume Griffith’s responsibilities, including client relations and product development.

Trading update

The news came in tandem with a trading update from Aberdeen in which it revealed assets have risen to £212.3 billion from £193.4 billion at the end of last year, boosted by strong inflows into the firm’s global emerging market equities products.

The firm reported net new business inflows of £3.5 billion in the two months to the end of February and that net inflows into its GEM equities funds have ‘again been extremely strong.’

Aberdeen, which moved to stem inflows into the GEM range earlier this year, reiterated it is intent on moderating the rate of inflows to ensure the ‘quality of the products is not compromised’ for existing investors.

To facilitate this it is introducing a 2% initial charge on new investments into its Luxembourg and UK-domiciled pooled funds. ‘In the short period since implementation of these measures, we have seen a considerable reduction in inflows to our GEM strategy and we believe that net inflows in future periods will be at more sustainable levels,’ it said.

Gross new business flows for the two months to 28 February hit £9.5 billion, bringing the total for the five months year-to-date to £20.3 billion.

It said as in 2012, new business inflows have been predominantly to pooled funds, and will add £35 million of annualised fee income.

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