Aberdeen Asset Management's assets under management fell 12.5% in the year ended Sept. 30, to £283.7 billion ($430.2 billion) and 7.7% for the three months to that date, as the group continued to suffer from negative sentiment toward emerging markets.
Net outflows hit £33.9 billion in the 12 months, compared with £13 billion of net outflows for the year ended Sept. 30, 2014.
Of 2015's net outflows, £16.4 billion came from equities.
Overall net outflows during the quarter ended Sept. 30, were £12.69 billion, with £7.9 billion from equities.
Emerging markets and Asia-Pacific equities suffered in particular, with £4.06 billion and £5.71 billion of net outflows, respectively, in the year. Global and Europe, Australasia, Far East equities strategies recorded net outflows of £6 billion. Over three months, net outflows for emerging markets equities were £1.83 billion; for Asia-Pacific £4.04 billion; and for global and EAFE equities, £1.86 billion.
Fixed-income net outflows totaled £6.37 billion for the 12 months, and £2.07 billion in the quarter. Emerging markets debt recorded £1.5 billion of net outflows over the year, and £1.4 billion for the quarter; while U.K. fixed-income net outflows totaled £1.93 billion in the year, with £420 million for the three months ended Sept. 30.
The money manager also recorded £9.8 billion of net outflows in its Aberdeen solutions business for the year, and £1.31 billion of net outflows in real estate strategies.
In a conference call with analysts, Martin Gilbert, CEO of Aberdeen, said: “We do know that inflows are not our problem, and that has continued.” Mr. Gilbert said the pipeline of new business looks “OK,” with a “big win in emerging markets equities out of the U.S.,” and “hopefully” a real estate allocation. “What we can't see is what's coming down the road from redemptions,” he said. “What we do know, though, is if the oil price remains low, we will see more redemptions from government institutions.”
Mr. Gilbert said emerging markets outflows were mainly for “geopolitical and political reasons.”
Answering analysts' questions, Mr. Gilbert added that areas remain where the group would like to make “infill acquisitions.” He said Aberdeen was on the lookout for a U.S. real estate business, “to be able to offer a more global product.”