Aberdeen Asset Management has broken the barrier of £100bn (€141bn) in assets under management for the first time thanks to new mandates and acquisitions, but is cautious about the prospects for similar growth over the next financial year.

The asset manager said that over the 12 months to the end of September, it had gained £8.7bn of net new business and had been awarded a further £3.1bn of mandates. Profit before tax over the year increased by 30% to £94.3m, up from £79.9m the previous year.