The London-listed asset management company was once again hit by outflows in the face of “structural imbalances of the global economy”.

Aberdeen Asset Management saw net outflows of £9.1 billion ($13 billion) in the final quarter of 2015 but managed a 2 per cent rise in assets under management to £290.6 billion.

The company, which logged net outflows of £12.7 billion over the quarter to the end of September, said the flows outlook remained difficult amid continued market volatility. 

During the fourth quarter, the Scotland-headquartered company completed the acquisitions of Arden, a US-based provider of hedge fund solutions, and emerging markets investment specialist Advance. Earlier this month, it completed the purchase of Parmenion, a Bristol-based fund manager and platform.

“Like the rest of the industry we continue to contend with the structural imbalances of the global economy and the cyclical slowdown in emerging markets, as well as the impact of falling oil and commodity prices. Despite the day-to-day fluctuations in investor sentiment we remain focused on those issues that we can control,” said Martin Gilbert, chief executive of Aberdeen, in a trading update.

“Our increasingly diversified business model and strong balance sheet mean we are well placed to navigate the current difficult market conditions offering a wide range of investment capabilities for investors.”

In other news about the firm, Roger Cornick will retire after seven years as chairman at the end of September. He joined the board in 2004 and will also step down as non-executive director.

Aberdeen has appointed senior independent non-executive director Simon Troughton to succeed Cornick as chairman. Troughton joined the board in 2009, having formerly served as chief operating officer at Fauchier Partners.