aberdeen asset managemnt this company has fallen from 1.90 per share in may down to 1.34 now. despite having really good broker recommendations, as being a strong buy. Lets hear views and whether or not if you thing they have a good chance of recovery. I have quite a few shares and am wondering whether to stick with or move the money into something else.

LATEST BROKER VIEWS

Date Broker New target Recomm.
3 Apr Numis 450.00 Hold
2 Apr Numis 425.00 Hold
2 Apr Barclays... 535.00 Overweight
2 Apr Jefferies... 350.00 Underperform
1 Apr Canaccord... 460.00 Buy
1 Apr Espirito... 514.00 Buy
28 Mar JP Morgan... 509.00 Overweight
27 Mar Credit Suisse 415.00 Neutral
26 Mar Citigroup 390.00 Neutral
24 Mar RBC Capital... N/A Outperform
Broker Recommendations for Aberdeen Asset Management

Credit Suisse Neutral 436.95 441.60 415.00 440.00 Reiterates

Not to concerned yet skinny, so far today light volume. 440.0 resistance, outside bollinger band, lower indicators approaching over bought, so what. Raised my stop to 329.0 to lock in another + 27.

Still light volume, but attempting to breach 440.0 on two down days.

RPT-Fitch upgrades Aberdeen Asset Management to 'A'; outlook stable


Tue Apr 8, 2014 6:42am EDT

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(Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has upgraded Aberdeen Asset Management Plc's (AAM) Long-term Issuer Default Rating (IDR) to 'A' from 'A-' and Short-term IDR to 'F1' from 'F2' following AAM's acquisition of Scottish Widows Investment Partnership Group Limited (SWIP). The Outlook on the Long-term IDR is Stable.

The upgrade recognises the improved product and geographical diversification that the SWIP acquisition brings to AAM. This supports AAM's otherwise favourable financial metrics for an entity rated in the 'A'-range, notably its strong profitability and low levels of gearing and debt. AAM's franchise and earnings potential is supported by improved distribution capability as a result of a long-term strategic relationship with Lloyds Banking Group Plc (A/Negative/a-), which became a 9.9% shareholder of AAM in consideration for the sale of SWIP.


KEY RATING DRIVERS - IDRs

AAM's IDRs reflect its profile and track record as a traditional asset manager. The ratings benefit from the high cash generation typical of AAM's industry but are also exposed to the risks common to its peer group, notably the sensitivity of assets under management (AUM), and consequently earnings, to market dynamics, and operational and reputational risks. AUM was up by 7.1% to GBP200bn at the financial year ended 30 September 2013 but had reduced to GBP187bn by end-February 2014 due to continuing weaknesses in emerging markets. Management's pro-forma balance sheet of the new combined AAM/SWIP business shows that AUM would have increased by about 74% at end-February as a result of the acquisition.

AAM has grown into its present global position via successfully integrated acquisitions, which have contributed to higher earnings and increased geographic and product diversification. AAM's ratings consider the increased portfolio diversification arising from the SWIP acquisition, particularly from the addition of a GBP55.7bn quantitative equities and GBP39bn fixed income portfolio. Furthermore, SWIP's strong UK and developed market focus mitigates AAM's previous concentrations to emerging markets and Asia Pacific.

The ratings also consider the integration challenges, margin pressures and potential reduction of existing AUM in light of the comparatively large SWIP acquisition. Fitch considers that cost savings from the elimination of duplicated activities will contribute to improving financial performance although this will be offset by integration costs during FY14 and FY15. Operating and fee margins are tighter in the acquired business, which will weaken the combined group's margin and efficiency metrics in the short to medium term.


RATING SENSITIVITIES - IDRs

AAM's IDRs would benefit from successful execution of the integration process, and could be sensitive to AUM levels and balance sheet discipline. They could be upgraded if AAM's AUM continues to increase and/or there were further improvements in client, product and geographical concentrations combined with an improving net cash balance and earnings with consistently low levels of leverage.

The ratings could be downgraded if there is a substantial and sustained increase in leverage, material reputational damage, a sustained deterioration of fund performance or significant AUM net outflows.


KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

AAM's USD500m perpetual cumulative subordinated instruments receive 50% equity credit and are rated three notches below AAM's IDR in accordance with Fitch's criteria for the "Treatment and Notching of Hybrids in Nonfinancial Corporate and REIT Credit Analysis" dated 23 December 2013. A hybrid instrument with easily activated going-concern loss absorption would normally be rated at least three notches lower than the issuer's Long-term IDR.


The rating actions are as follows:

Long-Term IDR upgraded to 'A' from 'A-'; Outlook Stable

Short-Term IDR upgraded to 'F1' from 'F2'

Subordinated Perpetual Cumulative Notes upgraded to 'BBB' from 'BBB-'

Stop to 339.0 to lock in + 37

LATEST BROKER VIEWS

Date Broker New target Recomm.
9 Apr RBC Capital... 495.00 Outperform
7 Apr Credit Suisse 440.00 Neutral
4 Apr JP Morgan... N/A Overweight
3 Apr Numis 450.00 Hold
2 Apr Numis 425.00 Hold
2 Apr Barclays... 535.00 Overweight
2 Apr Jefferies... 350.00 Underperform
1 Apr Canaccord... 460.00 Buy
1 Apr Espirito... 514.00 Buy
28 Mar JP Morgan... 509.00 Overweight
Broker Recommendations for Aberdeen Asset Management

Nice one Chris.

Thanks skinny, on nights now so keeping stop tight, has to consolidate at some point.

Back on watch list, left a limit buy @ 442.0
Reluctant to go short.

Wee punt long on the spreads @ 423.0 interim 06th May. Tight stop.

Stop to entry for risk free trade.

Latest broker views


Date

Broker

New target

Recomm.


14 Apr Goldman Sachs 540.00 Buy
9 Apr RBC Capital... 495.00 Outperform
7 Apr Credit Suisse 440.00 Neutral
4 Apr JP Morgan... N/A Overweight
3 Apr Numis 450.00 Hold
2 Apr Numis 425.00 Hold
2 Apr Barclays... 535.00 Overweight
2 Apr Jefferies... 350.00 Underperform
1 Apr Canaccord... 460.00 Buy
1 Apr Espirito... 514.00 Buy

Broker Recommendations for Aberdeen Asset Management

Stop to 438.0 to lock in + 15

Highlights
ABERDEEN ASSET MANAGEMENT PLC Interim Results for six months to 31 March 2014
• Revenue £503.5 million (-2%)
• Underlying profit before tax £217.0 million (-3%)
• Underlying earnings per share 14.3p (-4%)
• Dividend per share 6.75p (+12.5%)
• Operating margin 43.0% (2013: 43.8%)
• AuM £324.5 billion
FINANCIAL HIGHLIGHTS
March 2014 Revenue £503.5m
March 2013
£516.0m
£222.8m £188.2m
14.88p 12.43p 6.00p
£221.2m £24.6bn +£4.4bn
£212.3bn
Pre-tax profit
Before amortisation of intangibles & acquisition costs After amortisation of intangibles & acquisition costs Diluted earnings per share
Before amortisation of intangibles & acquisition costs After amortisation of intangibles & acquisition costs Dividend per share
Core operating cashflow
Gross new business
Net new business
Assets under management at period end
£217.0m £168.7m
14.32p 10.67p 6.75p
£221.6m £14.3bn -£8.8bn £324.5bn
Martin Gilbert, Chief Executive of Aberdeen Asset Management, commented:
“Aberdeen has delivered a resilient set of numbers in this half year, given the difficult backdrop for emerging markets. Our disciplined investment approach, long-term investment track record and tradition of client service have enabled us to limit equity outflows whilst we have continued to win mandates in other asset classes, such as fixed income and property.
“There are signs of a pick-up in sentiment towards emerging economies, as investors are again identifying opportunities and recognising the fundamental strengths of these markets. Equally encouraging is the healthy improvement in the relative performance of our key equity products so far this year.
"At the end of March we were delighted to complete our acquisition of SWIP and the process of integrating the business is proceeding as planned. The deal adds scale and strengthens further our broad range of investment capabilities and confirms Aberdeen’ s position as one of the world's leading asset management groups.”
Management will host a presentation for analysts and institutions today at 10:00 (UK) to be held at the offices of Aberdeen Asset Management, Bow Bells House, 1 Bread Street, London EC4M 9HH. The event will also be available to view via a live webconference. To register please use the following weblink:
http://www.media-server.com/m/p/puq2e24j

For more information:
Aberdeen Asset Management
Martin Gilbert Bill Rattray
Maitland
Neil Bennett Tom Eckersley
Chairman’s statement
Chief Executive Finance Director
+ 44 (0) 207 463 6000 + 44 (0) 207 463 6000
+ 44 (0) 207 379 5151 + 44 (0) 207 379 5151
The first half of this financial year was characterised by exacting conditions in emerging markets, with weaker investment sentiment impacting our equity new business flows. Nevertheless, we have enjoyed further encouraging demand for certain of our fixed income and property strategies and have continued to make progress in developing our diversified pipeline of new business which will be added to assets under management (“AuM”) in the coming months.
We completed the major element of the acquisition of Scottish Widows Investment Partnership (“SWIP”) on 31 March 2014, and the purchase of the SWIP infrastructure business completed on 1 May 2014. Considerable corporate energy, in addition to the specific transition-related costs, was invested during the period in bringing this acquisition to a successful conclusion, while the benefits to profitability will not begin to accrue until the beginning of the second half of the financial year.
This transaction adds new and complementary strategies to our product range, and enhances the Group’s position as a leading global asset manager. We aim to build on and deepen the strategic relationship with Lloyds Banking Group as well as marketing our additional capabilities to our worldwide client base.
Total AuM at 31 March 2014 were £324.5 billion; excluding the £134.1 billion added by SWIP, Aberdeen’s AuM fell 5% to £190.4 billion (30 September 2013: £200.4 billion).
Financials
Profit before taxation for the period was £168.7 million (2013: £188.2 million). Underlying profit, stated before amortisation of intangible assets and exceptional costs in respect of the SWIP acquisition, was £217.0 million, compared to £222.8 million in 2013. This represents underlying earnings per share, on a diluted basis, of 14.32p (2013:14.88p).
The Board has decided to pay an interim dividend of 6.75p per share, an increase of 12.5% on the interim dividend announced last year which will be paid on 19 June 2014 to qualifying shareholders on the register at 16 May 2014. This increase is in line with the Board’s objective to pay a growing dividend each year.
Net revenue for the period decreased by 2% to £503.5 million (2013: £516.0 million). Recurring fee income was little changed at £491.1 million (2013: £492.5 million), while performance fees contributed £12.4 million (2013: £23.5 million). The blended average management fee rate remained steady at 50.0 basis points (year to September 2013: 50.0 basis points).
Operating costs of £286.9 million fell by 1% compared to the equivalent period last year, and were 4% lower than for the second half of our last financial year, and we have been proactive in identifying and implementing further cost savings over and above the synergies expected from the SWIP transaction. The Group’s operating margin for the period was 43.0% (2013: 43.8%).
We generated £221.6 million of core operating cashflow (2013: £221.2 million), representing a conversion rate of underlying operating profit of 102% (2013: 98%), and ended the period with a cash position of £410.4 million.
As we stated when we announced the transaction, the addition of SWIP will reinforce Aberdeen’s progressive dividend policy and, while we will incur some one-off integration costs over the next year, it will enhance our ability to return surplus capital to shareholders over time.
Review of operations
Assets under management increased to £324.5 billion, of which the SWIP transaction added £134.1 billion. The principal changes in total AuM are shown in the following table, and a fuller analysis by asset class is included at the end of the interim results statement.
AuM at 30 September 2013
Net new business flows for the period Market movements & performance Exchange movements
SWIP acquisition
AuM at 31 March 2014
£bn
200.4 (8.8) 3.3 (4.5) 190.4 134.1 324.5
Gross new business inflows for the period totalled £14.3 billion (2013: £24.6 billion) and outflows amounted to £23.1 billion (2013: £20.2 billion), resulting in a net outflow for the six month period of £8.8 billion (2013: net inflow £4.4 billion).
Inflows were subdued for the first five months although we then saw some improvement during March as we began to convert the pipeline of new mandates awarded by a range of clients. Against the backdrop of weak investor sentiment, we encountered net outflows from our main equity products, but we enjoyed healthy net inflows to our property, emerging market debt and high yield bond products.
Investment performance across our fixed income strategies is generally ahead of the relevant benchmarks for both short and longer term time periods and our property performance remains robust. Performance of our key equity products has been running behind benchmark on a one year basis, but we have continued to focus on our bottom up, fundamental style of investing for the longer term in good quality companies at attractive valuations, and we have seen healthy outperformance in March and April. It is inevitable that our style will lead to periods of shorter term underperformance, but we believe our longer term performance track record remains compelling and we do not plan to make any significant changes to our equity process.
Our distribution is focused on multiple business and distribution channels with teams operating on-the-ground in 26 countries and covering a further 34 remotely. We continue to see strong growth in North America, continental Europe and selective markets in Asia. Our focus is on providing our existing clients with a high level of service and to market our wider range of products outwith our well known strengths in Asia Pacific, emerging markets and global equities. As reflected in the flow figures, EMD, high yield and European property are areas which are attracting interest.
SWIP completion and integration
The major part of the SWIP transaction was completed on 31 March 2014, for purchase consideration comprising 108.5 million new ordinary shares, a further 17.3 million shares to be issued once Lloyds have received certain regulatory consents and a deferred top-up payment of £39.4 million which is payable on 31 March 2015. A further 5.9 million shares were issued to Lloyds on completion of the acquisition of the SWIP infrastructure business.
We have an excellent track record of integrating businesses with a clear global operating model. The respective teams of Aberdeen and SWIP have worked together over the last few months to create and refine the detailed integration plans across all areas of the business, and the implementation process has begun, and I am pleased to welcome our new colleagues to the Group.
Aberdeen’s traditional approach has been to build relationships with key clients at all levels. Together with the existing SWIP teams we have already started to develop further relationships with Lloyds Banking Group and its Wealth, Insurance and Retail businesses.
As we highlighted in our announcement of the transaction in November, SWIP brings some further diversification to the enlarged Group’s product range, and our Aberdeen solutions business will be enhanced by the integration of SWIP’s quantitative investments, investment solutions and alternatives capabilities. We have also decided to include money market assets as a component of the enlarged Group’s fixed income business.
This re-alignment is consistent with our strategy of growing our non-equity businesses over time. Our enhanced solutions capability, encompassing new quantitative investment strategies, stronger fixed income team and broader alternatives offering, mean we have a comprehensive suite of products to meet the needs of investors around the world.
Outlook
Whilst the six month period under review has been demanding, the completion of the SWIP transaction creates an exceptional platform to ensure the continuity of high quality client service which will enable further organic growth.
Towards the end of the period, there were indications of some pick-up in investor sentiment towards emerging markets, although we anticipate that some uncertainty could remain. More recently, an encouraging improvement in investment performance should improve the outlook for our equities strategies and we are confident that the added scale and breadth of the enlarged Group’s capabilities, combined with our long-term investment focus, provide a solid base from which to pursue further profitable growth for our investors.
Roger Cornick Chairman

On watch list, support @ 400ish, if that goes back to 380.0

On the move again or dead pussycat bounce?

Limit buy triggered this morn @446.1 target 480.0 stop 436.1.

Some support here @ 440.0 needs to hold on 50DMA low volume.