Shares in Aberdeen Asset Management were up on the FTSE 250 in morning trading after the company more than doubled its profits in the full year ended 30 September.

During the period assets under management rose from £146.2 billion the previous year to £178.7 billion, while pre-tax profit increased from £85.1 million to £210 million.

The group said it would be raising its dividend for the full year from 6.0 pence per share to 7.0 pence per share.

The year also saw gross new business at the company rise from £19.1 billion to £46.6 billion.

Martin Gilbert, Chief Executive of Aberdeen Asset Management, said, "This has been an excellent year for Aberdeen in which we have taken full advantage of the improvement in financial markets and the new business opportunities presented to us. I am particularly pleased we have achieved this whilst strengthening our balance sheet still further, with the result that the business will move into a net cash position shortly as we continue to prioritise organic growth. Looking ahead, financial markets still pose many challenges and uncertainties but we are confident that, given our diverse ranges of products, asset classes and geographies, and our heritage of strong investment performance, we are well placed to continue our growth."

By 11:15 shares in Aberdeen Asset Management were up 0.28 per cent on the FTSE 250 to 179.50 pence per share.