Aberdeen Asset Management was hard hit by June's market sell-off, which contributed to a 1% drop in AUM for the asset manager in the second quarter of 2013 compared to the end of March.
The group's AUM dropped to £209.6bn over the period, with market movements contributing £10.3bn to the fall.
Net outflows from the group's funds totalled £3.4bn, wiping off the positive effect from new business of £9.7bn, which was up from £8.8bn for the same quarter last year.
Earlier this year the group introduced a 2% initial charge for its emerging market funds to stem strong inflows into the products.
Capacity management contributed to net outflows of £0.9bn for GEM equity funds over the period, but this was offset by strong flows into Asia Pacific funds, particularly Japanese equities.
Net flows into Asia Pacific equity funds were £744m for the quarter, although this was still down on the £3.04bn recorded during the previous three months.
Most of the group's outflows were from equity products, where assets under management decreased from £124.3bn to £118bn in the three months to the end of June.
Artio Global Investors, a fixed income business acquired by the group during the quarter, also contributed £0.3bn to outflows, but added nearly £6bn of fixed income assets to the group.
Chief executive Martin Gilbert (pictured) said the group has delivered "resilient figures" in the three months despite market volatility and outflows were in line with expectations and mainly from lower margin products.
"Our disciplined investment approach meant a broad range of our products attracted interest from investors although towards the end of the period outflows increased due to heightened market turbulence," he said.
"The net outflow also reflects the deliberate steps we have taken to manage the capacity of our global emerging market equity funds for the benefit of existing clients."
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