The asset manager said investors continued to reduce exposure to Asia and emerging markets equities which saw assets under management (AUM) decline to £307.3bn at the end of June, compared to £330.6bn at the end of March this year.
In its equities business it reported net outflows of £4.5bn, mainly from Asia Pacific and global equities, although this was due to withdrawals from institutional mandates, it said.
Fixed income recorded outflows of £1.4bn during the quarter, including what it called “seasonal outflows” from low margin SWIP liquidity funds, while its higher margin emerging market debt funds returned to net inflows after two quarters of outflows.
Aberdeen confirmed net outflows for the business totalled £9.9bn in the three months to end of June, up from outflows of £8.8bn in the same quarter a year earlier.
There were also net outflows of £3.9bn from lower margin accounts in its Aberdeen Solutions business, it reported.
It begun to roll out its “solutions focused proposition” in response to the pension changes in the UK in the third quarter, and launched a multi-asset income for Asian and European investors.
Aberdeen chief executive Martin Gilbert said: “Market and FX movements together with low margin outflows from certain fixed income and solutions clients accounted for a large proportion of the decline in AuM.
“In addition, macroeconomic factors and investor sentiment towards Asia and emerging markets continued to weigh on equity flows. Despite this the long term investment case for Asia and emerging markets is unchanged and we believe that committed investors will be rewarded over time.”
Aberdeen completed the acquisition of Aberdeen SVG Private Equity during the quarter and announced the purchase of US-based Flag Capital Management which is expected to be competed soon.
