Aberdeen Asset Management Plc, the U.K.’s largest independent money manager, said fiscal first-half profit more than tripled as markets rebounded, boosting revenue from performance and management fees.

Net income rose to 48.96 million pounds ($102.8million) in the six months ended March 31 from 15.2 million pounds in the year-earlier period, the company said in a statement today. Assets under management rose 17% to 170.9 billion pounds.

 

The FTSE All-Share index gained 11% in the six months to the end of March as companies reported better-than- expected earnings. Aberdeen has been expanding its client base through takeovers including, most recently, the purchase of Royal Bank of Scotland Group Plc’s fund management unit in January.

 

“These record results demonstrate the success of our strategy in recent years: to make selective acquisitions at attractive prices at the same time as building the business organically and controlling costs,” Chief Executive Officer Martin Gilbert said in the statement.

 

Clients continued to pull money from the Aberdeen-based money manager’s fixed income funds because they underperformed in 2008, when the funds held too many bonds of financial services companies.