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Downgrade US Debt - Aberdeen Asset Management Comments

(PresseBox) (Frankfurt am Main, ) In response to S&P's decision to downgrade US debt, Paul Griffths, Global Head of Fixed Income at Aberdeen Asset Management, comments:

"Given the fiscal position of the US the downgrade isn't a surprise and was actually inevitable at some point. Of course the biggest paradox is this will only heighten global tension and risk aversion so a flight to quality trade may well see Treasuries - wrongly in our view - continue to be in demand in the near term.

"The reaction of China as the US' largest creditor is very telling. The downgrade has given Beijing reason to comment on the US' debt reduction strategy and hint that they may not continue to support the US Treasury market to the same extent as previously.

"The severe financial problems of the US and Europe certainly strengthens the case of investing in Asian and emerging market currency and bond markets.

"The ratio of government debt to GDP is lower in most cases among emerging countries compared to the Eurozone, Japan, UK and US, and the fiscal balances, current accounts and foreign exchange reserves of emerging economies are also relatively healthy."

Aberdeen Asset Management manages over £50 billion in fixed income assets for clients around the world.

Further yesterday's comments from Aberdeen's Global Head of Fixed Income, Paul Griffiths, he says:

"The wording of S&P's statement has been significant in prompting hastily arranged conference calls between world leaders. If S&P can cite the wariness of elected officials to tackle "... the structural issues required to effectively address the rising US public debt burden.." as a reason to downgrade Treasuries by one notch then European policymakers need to get their heads out of the sand and take action or else their government bonds will be next.

"Quick fix sticking plaster solutions employed so won't work. Policymakers need to be decisive and map out a clear long term strategy to reduce debt and rebalance economies. Unfortunately tough austerity measures need to be implemented and deficit reduction targets brought forward. Admittedly policymakers have a difficult path to tread balancing fiscal contraction with trying to foster growth however anaemic."

Mehr als 4,5 Milliarden Euro in Aktien, Renten und Immobilien hat die deutsche Aberdeen-Einheit seit ihrem Antritt 2007 bereits netto eingesammelt. Rechnet man die von der Aberdeen Immobilien KAG gemanagten Immobilienpublikums- und Immobilienspezialfonds nach deutschem Investmentrecht dazu, verwaltet Aberdeen in Deutschland über 8 Milliarden Euro, überwiegend von institutionellen Investoren. Rund 85 % dieser Gelder, so Leser, werden rein aktiv gemanagt. Aberdeen sieht sehr gute Chancen, den Trend zu aktiv gemanagten Fonds in Deutschland und Österreich für weitere Mandatsgewinne nutzen zu können.

Aberdeen Asset Management Deutschland AG

Aberdeen Asset Management ist ein unabhängiger Asset Manager, der seit 1991 an der London Stock Exchange gelistet ist. Das Unternehmen wurde ursprünglich 1983 in Aberdeen, Schottland, gegründet. Aberdeen investiert im Auftrag von Kunden weltweit in die vier Hauptanlageklassen Aktien, Renten, Immobilien und alternative Anlagen. Heute verwaltet das Unternehmen mit rund 1.850 Mitarbeitern in 24 Ländern weltweit ein Vermögen von rund 206 Mrd. Euro, davon 25 Mrd. Euro in Immobilien (Angaben Stand 30. Juni 2011).