Troy's Brooke buys into 'cashflow machine' Aberdeen

Francis Brooke, manager of the £428m Troy Trojan Income fund, has initiated a position in Aberdeen Asset Management as he believes the company is transforming itself into a "cashflow machine".

Aberdeen is one of several non-bank financial holdings in Trojan Income, which has returned 29.6% over the five years to 20 January versus an average loss of 0.2% for the IMA UK Equity Income sector, according to Morningstar. The asset manager paid a final dividend of 9p per share in 2011, a year-on-year increase of 29%. Brooke said: “Aberdeen is very interesting. For a long time it was very acquisitive and issuing a lot of paper, but that period of development has come to an end. It is now maturing into a cashflow machine. That has been reflected in recent price moves.” The holding a...