Aberdeen Asset Management said its assets under management rose 10% to £312.1 billion in the year to September 30 — but underlying profit before tax decreased to £352.7 million from £491.6 million and net outflows were £32.8 billion.

Net revenue was down 14% to £1.007 billion from £1.17 billion.

“Whilst this has been another tough year for flows overall, the mix effect of these outflows has varied within strategies and asset classes from 2015 when we saw significant outflows from equities mainly due to macroeconomic factors towards Asia and emerging markets,” said Aberdeen.

“Equity net outflows have reduced to £13.6 billion this year from £16.4 billion in 2015, with much of the improvement being in the second half year.

“Emerging market equities recorded a small net inflow of £0.6 billion for the final quarter, albeit negative for the year overall with net outflows for the year of £0.8 billion (2015: £4.0 billion).

“We have also been encouraged by new business wins with growing traction from broader based asset classes into diversified growth strategies within multi asset and in equities from North American and Australian small cap and Japanese equities.”

Aberdeen chairman Simon Troughton said the firm’s fixed income performance was solid, “albeit the continuing low yield environment is a difficult one in which to excel with more traditional products.”

Troughton added: “Future political and economic events, including the UK’s negotiations to exit the EU, the start of President-elect Trump’s term in office and European elections, will contribute to ongoing volatility in global markets in the short term.

“However, until there is greater clarity, it is difficult to predict the impact on markets over the medium and longer term.”