IslamicFinance.de

The collapse in the price of oil has compounded the problems for Aberdeen Asset Management, with Europe’s third-largest listed fund house reporting its 10th consecutive quarter of net fund outflows. The Scottish-based asset manager has been battling with investor nervousness over the continued turmoil in its core regions, but net redemptions have been exacerbated by oil-producing countries pulling money from their wealth funds to make up for a loss of export earnings. Aberdeen suffered net outflows of almost £13bn during the three months to the end of September. So far this year, the Saudi Arabian Monetary Agency — the world’s third-largest sovereign fund with $661bn invested — has withdrawn about $70bn from external asset managers to support its economy.