Mystery Aberdeen client pulls out £4.2bn

Martin Gilbert said it was “very worrying” that the market was so calm
Martin Gilbert said it was “very worrying” that the market was so calm
ANDREW REDINGTON/GETTY IMAGES

Fears of a renewed emerging markets sell-off by investors have been fuelled after it was revealed that an anonymous client withdrew £4.2 billion from Europe’s largest fund manager.

Aberdeen Asset Management said its total assets under management had fallen slightly in the third quarter after the unnamed client pulled out of its Asia-Pacific and global equity funds.

The surprise withdrawal, which accounted for half the fund manager’s net outflows for the period, was blamed on poor performance by the funds.

Shares in Aberdeen, which has about a quarter of its assets invested in emerging markets, fell by 5.3 per cent, or 24¼p, to close the day at 435p, making it the biggest faller in the FTSE 100.

The exit overshadowed an overall improvement during the