Costs expensed following acquisition reduce profit by 63% UK asset manager Aberdeen Asset Management recognises migration and transitional costs that reduce its pre-tax profit by 63%, but falls short of IFRS by not disclosing the nature of goodwill acquired, as a report criticises the level of disclosure on material acquisitions in the UK.
Board risk procedures reassessed UK asset manager Aberdeen Asset Management discloses that it intends to set up a dedicated board committee to review and monitor all aspects of risk. This coincides with a recommendation to this effect in the Walker report for major financial institutions.
Impairment of a seed capital investment reduces profit by 14.3%
UK financial services company Aberdeen Asset Management impairs by £8.64 million a seed capital investment that reduces profit before tax by 14.3%.
Financial market turmoil leads to reclassification of equity investments
UK financial services company Aberdeen Asset Management reclassifies equity investments, carried now at £6.4 million, from held for trading to available-for-sale following turmoil in global financial markets.
Integration costs and gains on disposal classified as exceptional
UK financial services company Aberdeen Asset Management classifies as exceptional £33 million integration costs and £18.4 million gains on disposal of investments.