Aberdeen Asset Management's net new business stood at about minus £11bn in the last six month period - but its revenues jumped to £605m.
The revenue represented a 20% increase and underlying profit before tax was also up by 25% to £270.2 million.

Gross new business was £23.4bn, up from £14.3bn, but new business was -£11.3bn, compared to -£8.8bn in the same period last year.

Operating margin has risen to 44.7% and AuM was £330.6 billion.

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Chairman Roger Cornick said: "Gross new business inflows have continued to grow. However, headline outflows are disappointing, arising from a combination of asset allocation decisions amidst continued weak investor sentiment towards emerging markets and some expected structural outflows from certain institutional clients.

"Nonetheless, we believe that our long term approach to investing remains appropriate and, as always, we place importance in clearly explaining to our clients the factors that have impacted performance - both what has added and what has detracted from performance.

"To some extent, these flows have been cushioned by the strong rally in markets. As a consequence, total AuM at 31 March 2015 was £330.6 billion, a 2% increase compared to 30 September 2014."

Chief executive Martin Gilbert said: 
"Gross new business inflows have continued to grow.

"However, they have been offset by outflows, which reflect changes in asset allocation driven by macro-economic factors and some structural outflows from certain clients.

"Despite these headwinds we are well positioned for the long term: financially strong, with a global distribution platform and a diversified range of capabilities and solutions for the evolving investment environment. Our absolute priority, as always, remains delivering for our clients."

He said the underlying profits had been boosted by the benefits from the "diversifying effects of the acquisition of Scottish Widows Investment Partnership", which was completed a year ago.

He added: "We remain strongly cash generative and we again increased our dividend, whilst also adding to our regulatory capital headroom."