Aberdeen Asset Management's assets under management fell by 3.9 percent over the five months to the end of August, primarily as a result of a fall in the value of the U.S. dollar.
Assets under management stood at 71.4 billion pounds, compared with 74.4 billion pounds at the end of March, the firm said in a trading statement on Monday.
It also logged 5.2 billion pounds in net new business over the 11 months to August 31.
Group Finance Director Bill Rattray told Reuters that at least 2 billion pounds of the fall in assets under management was caused by the dollar, which fell almost 10 percent against sterling over the five month period.
He said further withdrawals of assets from the equity and multi asset business it took on when it acquired the loss making UK arm of Deutsche Asset Management (DeAM) last year had taken 800 million pounds off the group's assets.
The biggest single part (of the fall) was the U.S. dollar ... Following the Deutsche acquisition, we've got a bigger portion of U.S. assets, he said.
Around one third of the firm's fixed income assets were in the U.S. as of July 31.
Aberdeen said approximately 50 percent of DeAM's equity and multi asset mandates had been retained by June 30, which is above initial expectations of 30 percent.
There has been nothing significant in terms of withdrawals from this business since June, Rattray said.
The firm also said the payment for Deutsche's equity and multi asset business, which it previously put at 20 to 25 million pounds, will be around 25 million pounds.
Inflows of assets across the whole business have recovered since the stock market downturn earlier this year, Rattray said.
There was clearly a quiet spell in May and June, but after that it has picked up quite nicely, he said.
In May and June world stock markets fell sharply on concerns that inflation and interest rates could rise and the pace of global growth may fade.
Katrina Preston, an analyst at Bridgewell who has a buy recommendation on Aberdeen said the statement showed impressive resilience during tough stock market conditions.
Aberdeen appears to have emerged unscathed from the recent turbulence across global ... equity markets.
The company remains one of our preferred plays in the fund management sector ... The shares' de rating against the peer group since May looks increasingly misplaced and we remain strong buyers.
Aberdeen, which has recovered dramatically from a damaging episode surrounding its management of split capital investment trusts, has been focussed on building its institutional business.
The firm has launched a number of new funds in recent months, including a fund of Asian property funds and a Nordic property fund. Last month it said it would open an office in Tokyo.
Aberdeen also said on Monday that some lower margin institutional mandates had been withdrawn from its property business.
This, and the launch of new funds, will help boost the unit's margins, Rattray said.