This included a £4bn withdrawal by a single client in its Asia Pacific and global equities strategies division during the quarter.
In total, the firm’ AUM dropped to £322bn from £324bn on 31 March.
Scottish Widows Investment Partnership (SWIP) suffered a net loss of £3.3.bn AUM in the quarter.
Despite the heavy loss of a single client in Asia, chief executive Martin Gilbert was positive on market sentiment in Asia.
“Encouragingly, investor sentiment towards Asia and emerging markets recovered somewhat during the quarter. While the improvement in our underlying equity new business flows has been masked by a significant withdrawal by a single client, it is rewarding to see growing interest in our broader product range."
Commenting on the £550m acquisition of SWIP completed in May, Gilbert said he was “pleased with the progress of the integration so far, in terms of both timing and the planned synergies”.
