Aberdeen's head of emerging market debt has halved currency exposure in his fund after emerging currencies failed to deliver the returns he expected in 2013.
Scotland's £800bn fund management industry has begun to step up contingency plans in the event the country's populace votes for independence this September.
Fund buyers have flagged the possibility of the country's largest emerging market equity funds reopening after outflows and market falls prompted a sharp drop in assets.
Top UK stockpicker Henry Dixon has warned fellow shareholders in Aberdeen Asset Management they face a tough six months, but said the longer-term outlook for the group remains strong.
Fresh plunges in the value of emerging market currencies have send equities sharply lower this morning, with an analyst downgrade adding to the pain for EM-focused Aberdeen.