Merger and performance concerns have led $10bn (£7.6bn) in outflows from Standard Life Aberdeen, according to a new analysis.
Standard Life Aberdeen was the worst-selling fund house this September, the month after the pair merged, according to research from Morningstar and the Financial Times.
Its record over the first nine months of the year is also worse than any other European-headquartered asset manager, the pair found.
In the year to September, just over $5.5bn left Standard Life, while $4.5bn was pulled from Aberdeen.
Flagship funds such as the Global Absolute Return Strategies have seen disappointing performance which could have caused investors to pull money, Morningstar senior analyst of manager research David Holder told the FT.
Holder adds: “Part of the synergies of the deal is reducing [investment] personnel….[This means investors] have huge uncertainty over who will be managing portfolios in the future. It is entirely legitimate that clients are sitting on their hands, or prospective clients are not investing, until they get more information.”
A spokesman for investment arm Aberdeen Standard Investments says that some “structural outflows” were anticipated by the firm, and that performance and interest in emerging markets, an Aberdeen specialty, was improving.
They say: “Our recently completed merger positions Aberdeen Standard Investments well to service the evolving needs of investors going forward across alternatives, solutions, smart beta and real assets, as well as traditional active equities and fixed income.”