FUND manager Aberdeen Asset Management yesterday revealed its first quarterly outflow for nearly two years as investors took out cash during last month’s market tumble.
The money manager said investors pulled £3.4bn from funds in the third quarter, with about £2.5bn of this taken out in June as investors headed for the exit door over fears of a slowdown in quantitative easing.
“We have delivered resilient figures during the third quarter given the volatile global market conditions,” chief executive Martin Gilbert said.
Overall assets under management for the three months ending June declined one per cent to £209.6bn, undercut by outflows and £10.1bn of market losses.
Aberdeen’s spending spree earlier this year, when it snapped up SVG and Artio Global, helped cushion the fall.
The FTSE 100 fund manager has been buoyed over the past year by the success of its global emerging market equity funds, headed by Singapore-based fund manager Hugh Young.
Yet it has constrained capacity on the funds and yesterday said the move had resulted in a £900m net outflow.
The last time Aberdeen saw a net outflow across all funds was in December 2011 when it posted a £2.8bn net outflow for the quarter.