Asset manager Henderson revealed investors withdrew £1.8bn from its funds over the last quarter but defended its performance by saying there had been an "improvement in client sentiment".
Retail investors took a net amount of £1.4bn away from the manager with institutions liquidating £0.4bn.
However, positive market performance of £4bn boosted Henderson's position, meaning the firm had £103bn under management at the end of March.
Read more: Ashmore turns corner but shares falter
Shares in the firm rose 1.5 per cent in trading today in the wake of the news.
"While retail client outflows continued, we saw an improvement in client sentiment and flows as we moved towards the end of the quarter," said Henderson chief executive Andrew Formica.
Aside from the one-off outflows that resulted from the merger-related restructuring of our global equities team, our institutional business continues to see steady growth, with a healthy number of mandates funding since quarter end.
Retail funds investing in continental Europe and Latin America shed the £1bn with more modest redemptions from US and UK focussed funds. Mirroring the performance announced yesterday by Ashmore, Henderson said there was "growing interest" in emerging market strategies.
Henderson said it had also made "substantial progress" in merging operations with Janus Capital, a deal that will be put in front of shareholders next week. If agreed to Janus shareholders will receive an extraordinary dividend of 1.85p per share.