Aberdeen Asset Management saw net outflows of £8.8bn in the six months to 31 March while it completed the deal to buy Scottish Widows Investment Partnership.
Aberdeen’s half-yearly results, published this week, show buying Swip brought £134.1bn to the group’s assets under management, but in the run-up to the deal Aberdeen’s underlying managed assets fell by 5 per cent to £190.4bn.
The company completed its acquisition of Swip last week for an initial £550m, with a further £100m payable in cash over the next five years depending on asset performance.
The combined group’s assets totalled £324.5bn at the end of March, compared with £212.3bn six months earlier.
Aberdeen says poor investor demand drove the poor flows, with inflows subdued until March when new mandates were awarded to the firm.
Equities were hit by the outflows, while property, high yield and emerging market debt took in cash.
Overall Aberdeen made a pre-tax profit of £136.9m compared with £153.3m in the previous six months.
Aberdeen chief executive Martin Gilbert says the firm “delivered a resilient set of numbers” given the uncertainties in emerging markets.