Gross new business at Aberdeen Asset Management took a slight knock over the three months to the end of June, totalling £8.8 billion for the stretch compared to a previous £10.9 billion.
Over nine months, Aberdeen has attracted new business amounting to £27 billion, but over the last three months its gross inflows came in roughly £1.6 billion lower than the previous quarter.
Undeterred, analysts at Peel Hunt upgraded the FTSE 100 to a 'buy' from 'hold', arguing it has around 20% upside at its current 249.27p valuation.
'Flows were broadly as expected,' the brokerage wrote in its morning note to clients, giving Aberdeen a price target of 300p per share.
Aberdeen attributed the decline to its stemming of flows into its global emerging market (GEM) funds, a decision it announced earlier this year owing to the popularity of the franchise.
The firm said there had been a 'welcome slowing' into the range, which includes the $9.8 billion Luxembourg domiciled Aberdeen Global Emerging Markets Equity fund and the £2.7 billion UK domiciled Aberdeen Emerging Markets fund, both run by Devan Kaloo and his team.
Martin Gilbert, chief executive of Aberdeen, said the firm was continuing to grow despite the tough conditions, adding in that its interim update to investors had shown its balance sheet remained strong.
'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 whilst maintaining a strong balance sheet,' Gilbert (pictured) said.