Aberdeen Asset Management chief executive Martin Gilbert has stressed the firm’s “keen focus on costs” after it suffered £9.1bn of net outflows in the final quarter of 2015.
The company was hit by weak investor sentiment towards Asia and emerging markets, while sovereign wealth funds withdrew further assets from global equities.
Net outflows for the previous quarter, to September 30 2015, were even more severe, at £12.7bn.
Mr Gilbert said: “Like the rest of the industry we continue to contend with the structural imbalances of the global economy and the cyclical slowdown in emerging markets, as well as the impact of falling oil and commodity prices.”
He stressed that the business was being managed with “a keen focus on costs”, with the company planning additional cost savings, to be implemented in late 2016 and 2017.
Aberdeen has been attempting to diversify its business away from areas such as emerging markets, and recently completed the acquisitions of Arden, Advance and Parmenion.
“Our increasingly diversified business model and strong balance sheet mean we are well-placed to navigate the current difficult market conditions,” Mr Gilbert said.
Meanwhile the firm announced the intention of its chairman and non-executive director Roger Cornick to retire on September 30 this year.
Mr Cornick, who became chairman in January 2009, is to be replaced by Simon Troughton, currently the senior independent non-executive director on Aberdeen’s board.
Jim Pettigrew, chairman of the company’s audit committee, will also step down in April this year, with a new non-executive director to be appointed subject to regulatory approval.