Aberdeen suffers net outflow of £3.4bn in Q2

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...