Aberdeen's 'self-inflicted' slowdown continues as inflows weaken

Aberdeen Asset Management this morning reported it had seen AUM drop 3% as outflows continued from its equity funds and inflows dropped back sharply, following its move to cap Devan Kaloo's emerging markets fund.

The group said in a trading update assets under management had fallen to £193.6bn by the end of 2013, down from £200.4bn at the end of September. Outflows came in at £11.2bn, an improvement on the £13.2bn seen at the end of the previous quarter. However, the more worrying sign for the business at present is the lack of new money coming in. Inflows dropped away sharply - down to £6.8bn having stood at £9.6bn in the previous quarter. As a result net outflows came in at £4.4bn, worse than the £3.6bn at the end of the third quarter. Chief executive Martin Gilbert (pictured) said: "What...