Poor market performance was largely to blame for the decrease in assets under management, as it wiped £1.9bn off equity assets, despite net new business of £2.5bn in the department.
Meanwhile, the company’s fixed income offering saw redemptions of £1.6bn, despite putting in a positive market performance to the tune of £600m.
But the same quarter last year saw net new business flows of £700m, suggesting investors are still wary of putting their money at risk in the current economic environment.
Aberdeen said a "welcome slowing of flows" into its global emerging market equity funds had also kept gross inflows lower than the same quarter last year, at £8.8bn compared to £10.9bn in 2011.
The firm said its emerging market debt funds continued to attract steady net inflows, while equity inflows were fairly evenly distributed across Asia Pacific, GEM and global equity funds.
Martin Gilbert, chief executive of Aberdeen, said: "This has been another successful quarter for Aberdeen, despite the global economic uncertainties and subdued conditions in the world’s financial markets. We continue to concentrate on delivering superior investment performance and service for our clients, which enables us to grow organically while maintaining a strong balance sheet."
