Growth in Aberdeen

Am I dreaming or have I discovered a UK growth stock?

The company in question is Aberdeen Asset Management (ADN). ADN does what it says on the tin - it manages equity, bond and property assets, mainly for pension funds.

Here are the basics: Market Cap. of £1.3 billion, 2007 PE of 18 and 2007 growth of 26%. So a mid cap. with a healthy PEG. As a bonus there is a healthy yield of almost 3%.

ADN is a truly global company with offices in Europe, the USA and Asia. Its policy is to locate fund managers in the same regions as the markets they manage, which make sense.

Chairman Charles Irby summarises the outlook for the future with the nice but bland statement: "With the economic climate seemingly set fair,we look forward to the future with confidence."

It is hard to read the latest annual report without feeling sleepy - financial management is hardly exciting unless it is your own finances and it feels a bit incestuous to invest in an investment company.

Nevertheless ADN seems well managed and if they can continue to grow at around 20% there will certainly be more share price growth.

I am still looking for a suitable candidate to invest the proceeds of my Tesco sale in. ADN may be the one - if I can stay awake long enough!