The London-listed asset management company enjoyed a year-on-year rise in revenue but its asset pool took a £40.7 billion hit amid emerging market turmoil.

Aberdeen Asset Management pushed its net revenue up 5 per cent to £1.169 billion ($1.75 billion) although its assets under management fell 13 per cent to £283.7 billion over the year to the end of September.

The decline in assets came amid emerging market volatilities, notably brought on by fears of a slowdown in China. The Scottish company suffered net outflows of £33.9 billion, of which £12.685 billion were in the three months to the end of September. In equities, net outflows jumped from £13 billion in 2014 to £16.4 billion this year. 

Aberdeen highlighted weak investor sentiment towards Asia and emerging markets as well as expected outflows from closed life books managed for insurers. The company's chairman, Roger Cornick, said the quarter to 30 September was the industry's worst quarter as far as outflows from equities go since the global financial crisis.

“While we believe the current weakness may have some way to run, the long term fundamental attractions of investing in these high growth economies remain compelling for patient investors,” said the company's chief executive, Martin Gilbert.

“We continue to rebalance and diversify the business, to focus on managing our costs and to generate cash and this has helped to mitigate the impact of the outflows we've seen. We intend to continue with this strategy alongside ensuring we continue to deliver long term value for our clients and shareholders.”

Underlying pre-tax profit increased to £491.6 million, up slightly from £490.3 million a year earlier. In early afternoon London trading, shares in Aberdeen Asset Management were down 4.21 per cent.