LONDON (Reuters) – Aberdeen Asset Management (ADN.L) said more clients pulled cash from its funds in the December quarter due to concerns around economic growth that would likely impact flows for the rest of the year.
While total funds under management rose 2.4 percent quarter on quarter to 290.6 billion pounds ($ 416.37 billion), boosted by market and currency gains, the firm said it still saw net outflows of 9.1 billion pounds.
“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,” said Chief Executive Martin Gilbert.
The company said its equities funds saw net outflows of 6.3 billion pounds, down slightly from the September quarter’s 7.9 billion pounds, while sovereign wealth funds continued to redeem their investments from its global equities funds.
(Reporting by Simon Jessop; Editing by Rachel Armstrong)
