Royal London Asset Management warns bankers not to expect US-style salaries and bonuses
Aberdeen Asset Management has been hard-hit by turbulence in emerging markets Reuters

Aberdeen Asset Management has reported a significant fall in profit and revenue for the 2016 financial year.

Net revenue came in at £1.01bn ($1.26bn) for the year ended 30 September, a 14% decrease on the £1.17bn revenue reported in the preceding 12-month period.

Underlying profit before tax fell to £352.7m from £491.6m.

However, the Aberdeen-registered firm reported a rise in the total of assets under its management to £312.1bn from £283.7bn.

"These financial results reflect, in part, our diversified business model and strict cost management," chief executive Martin Gilbert said in a statement.

"Economic and political newsflow has weighed on investor sentiment and, as expected, has led to further outflows from our business."

The firm said its operations would not be affected "in a substantive way" by Brexit, but warned that it may face legal or regulatory challenges over the long run.

"The core issue is how we will be able to provide our investment management skills from the UK into the EU market – whether through the benefit of passporting, acceptance that the UK forms an 'equivalent' regime or through co-operation agreements with member states," it said.