Shares in UK fund manager Aberdeen Asset Management rose 7% this morning after it announced a 6% increase in assets under management in three months to almost £114bn (€143bn) at the end of June.

Martin Gilbert, chief executive of Aberdeen, said: “Despite these challenging market conditions, we continue to win new business across the group’s core asset classes and increase assets under management. We are focusing on increasing our efficiency as a business and have identified £57m of annualised cost savings."