Questor share tip: Aberdeen Asset Management well placed for growing appetite in emerging markets Investors pile in If you wanted evidence of the amount of money that has been flowing into equity markets of late then you need look no further than last week's update from Aberdeen Asset Management. Since December, the fund manager's assets under management jumped by 10pc to £212.3bn, exceeding all expectations. In the first two months of the year, gross new business flows came in at £9.5bn, bringing the total for the first five months of its financial year to £20.3bn. Management wisely tried to temper over-optimism, highlighting the economic uncertainty, while seeing organic growth. Keeping a lid on hubris Inflows into Aberdeen's emerging markets funds were strong. So much so, that the group is trying to dampen demand. Investors are obviously seeking growth and, while it seems logical to look to markets unscathed by debt crises, Aberdeen is concerned that the funds will become unwieldy. If the fund is too large, it is more difficult to invest and maintain performance. So, Aberdeen plans to close some US funds for new investors and will introduce a 2pc fee on new money flowing into funds based in the UK and Luxembourg. This seems wise in an industry where performance matters. Markets with risk Aberdeen is well-placed to profit from Western investors" keenness to invest in growth markets such as China, India and Brazil. However, such investments can be volatile and, when things look like they are going wrong on a macro-economic basis, they are the first investments to be sold. The shares hit a low of 80p during the financial crisis. However, although the situation in Europe is far from over, confidence is mounting that these fires can be fought. This view was reflected in the absence of a significant equity sell-off during the Cyprus crisis. Money motivator The shares were last tipped as a buy by Questor at 308p in September last year and they have soared by an impressive 38pc in six months. Questor remains cautious about the broader market, but the sheer weight of money entering equities, as evidenced in Aberdeen's numbers, continues to support valuations. The shares are trading on a current-year earnings multiple of 15.7 times, falling to 13.3 next year. The prospective yield is 3.2pc rising to 3.7. With the slowdown in emerging markets already factored into consensus forecast, Questor keeps a buy.