Aberdeen Asset Management’s chairman is to retire before the end of this year, it was announced this morning.

Roger Cornick will step down at the end of this financial year on 30 September, also vacating his non-executive director role. He will be succeeded as chairman by Simon Troughton, who is currently the senior independent non-executive director on the board.

The board changes were reported amid the latest trading statement, which showed the company had het outflows of £9.1 billion in Q1.

Mr Cornick joined the board in January 2004 and became chairman in January 2009.

Mr Troughton was appointed to the board in July 2009 and took his current role in October 2014. He was a partner at Cazenove and Company Limited before moving to Fauchier Partners in 2003 where he was chief operating officer.

Assets under management have moved up to £290.6 billion compared with £283.7 billion on 30 September 2015. Net outflows of £9.1bn compared to 12.7bn at 30 September.

Martin Gilbert, chief executive of Aberdeen, said: "During the quarter we added to the business further, completing the acquisitions of Arden and Advance, followed by Parmenion in early January.

“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 focussed on those issues that we can control. We are committed to our fundamental approach to investing, managing the business efficiently with a keen focus on costs and most of all striving to deliver the long-term returns that our clients and shareholders have come to expect from Aberdeen.

“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.”

The company also announced that Jim Pettigrew intends to step down from the board on 23 April. He served on the board since April 2010 and is chairman of the audit committee. A new independent non-executive director will be appointed subject to receiving regulatory approval.

Intended appointments to the roles of senior independent non-executive director and chairmen of audit and remuneration committees will be announced in due course.