Aberdeen Asset Management under pressure after single client withdraws £4bn

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Aberdeen Asset Management came under pressure today as it emerged that a single client had pulled £4 billion out of the fund manager’s coffers over the past quarter.

The withdrawal from Aberdeen’s low-margin Asian equity funds more than offset gains chalked up by market movements, taking the fund manager’s overall assets under management down from £324.5 billion to £322.5 billion over the three months to June.

Shares in Aberdeen were down 3 per cent per cent or 13.95p today to 445.45p as the one-off overshadowed more “encouraging” trading over the quarter.

Stripping out the £4 billion withdrawal, outflows from its emerging markets equity funds reduced to just £200 million after a difficult 2013, chief executive Martin Gilbert said.

Scottish Widows Investment Partnership, which it bought from Lloyds Banking Group, saw £3.3 billion of outflows, although Aberdeen said much of this was expected seasonal movement.

Gilbert said the company had shrugged off recent tensions over Russia. “It’s surprising, the lack of volatility,” he said. “It must increase at some stage; it is too calm at the moment.”