Gross new business at Aberdeen Asset Management totalled £8.8 billion (about $13.6 billion) in the three months to 30 June, compared to £10.9
billion for the same period last year.

"Gross inflows for the quarter are approximately £1.6
billion lower than for the previous quarter, as we have seen a welcome slowing
of flows into our global emerging market equity (GEM) funds," the London-headquartered firm said in an interim statement. 

The £8.8 billion in new business brings the total for the nine month period to 30 June to £27 billion, down from £33.9 billion in 2011.

Overall, client assets contracted by 1 per cent from £184.7 billion (about $186.4 billion) to £182.7 billion during the quarter, while net new business inflows in the three months
to June totalled £300 million, down from £700 million in 2011. 

All
asset classes declined slightly, except for equities, which rose from £92.9
billion to £93.5 billion.

The firm said it is continuing to focus its distribution efforts on those markets with the largest asset pools - particularly the US and Europe - saying, “we
believe the current investor focus on income and yield generation, global
products and a greater use of alternatives is likely to continue." Accordingly, it has announced that it will open an office
in New York later this year.

Earlier this
month, Kieron Nutbrown, head of global macro, Richard Dryer, head of global
credit and Jon Cunliffe, head of global macro strategy, left the UK-based asset
manager. The changes were a result of the firm's realignment of its global
fixed income investment products and teams.