Aberdeen new business hit by split capital trust debts

Repayments on debts accrued on highly leveraged split capital trusts wiped out half-yearly net business profits at Aberdeen Asset Management.

New business fell from £1.2bn (€1.9bn) to £552m in the six months to the end of March 2002. But split capital debt repayments and buy backs cost Aberdeen £530m, leaving a net gain of only £22m.

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