UK - Aberdeen Asset Management has revealed its total assets under management fell to £110.2bn (€116.7bn) in last quarter of 2008, down from £111.1bn at end-September.

Aberdeen said in its interim management statement for the three months to 31 December 2008 net outflows in the quarter were £5bn, compared to inflows of £100m in the same period.

The asset manager added the effects of markets, performance and currency movements broadly matched its new business flows.

Chief executive Martin Gilbert commented on the report, saying: "Our plans to acquire certain businesses from Credit Suisse are progressing well."

The group said its cost reduction programme is progressing in line with expectations.

Elsewhere, Belgian banking and insurance group KBC said in a statement today it had secured a €2bn cash injection from the Flemish government.

In addition, KBC has the right to get a further €1.5bn of core capital from the Flemish government for at least five years.

The federal government had already injected €3.5bn into the bank in October.

The Flemish government will be now entitled to an annual dividend of at least 8.5%. KBC can buy the securities back at any time for 150% of the issue price.

If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email carolyn.bandel@ipe.com

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