UPDATE 1-Aberdeen hit by fresh client rush to emerging market exit
* AuM slips to 193.6 bln stg from 200.4 bln
* Attracts 6.8 bln stg in new money, sees 11.2 bln leave
* Equity funds worst hit but EM debt a bright spot
* Stock down 4 pct to lead FTSE 100 fallers (Adds detail, quotes, shares, data)
By Simon Jessop
LONDON, Jan 16 (Reuters) - Aberdeen Asset Management said clients pulled yet more money out of its funds at the end of 2013 as sentiment towards Asian and emerging markets took a fresh hit, adding it sees further market flux in the months ahead.
The UK's second-largest independent asset manager said it took in nearly a third less new money in the three months to end-December than in the September quarter, so while the pace of money leaving slowed, its asset pile was trimmed by 4.4 billion pounds ($7.2 billion).
Aberdeen said its equity funds bore the brunt of the weak client sentiment, although it managed to plump up the size of its emerging market debt and property funds.
The company highlighted a new business pipeline that would add 2 billion pounds of new cash to its funds in coming months, yet Chief Executive Martin Gilbert said he expected the generally weaker trend to persist.
"Business flows have really continued to reflect negative investment sentiment towards especially Asia and emerging markets, and particularly the latter and particularly late in the quarter," Gilbert said. "We just have to sit here and wait for sentiment to recover."
After a week in which fellow emerging market-focused fund manager Ashmore posted a similarly weak update and saw its shares slump 12 percent, their biggest one-day fall in five years, the market also voted with its feet on Aberdeen.
By 0813 GMT, shares in Aberdeen were down 4.4 percent at 428.3 pence, leading fallers in a flat blue-chip FTSE 100 index . The stock trades on 12.7 times forward earnings, against a peer group at 14.1 times, Reuters data showed.
Analysts at Barclays said the update was slightly disappointing, with a 3 percent dip in assets under management to 193.6 billion pounds being around 1 percent below their forecast and outflows more than double their projections.
The move contrasted with the fortunes of Jupiter Asset Management, whose shares chalked up their best day in a month on Wednesday after the group beat estimates and posted 510 million pounds in net inflows, largely into its fixed income and equity funds.
Heading into Thursday's announcement, a 13-strong majority of analyst ratings on Aberdeen were "buy" or "strong buy", with the nine remaining views all "hold", StarMine data showed.
Since Jan. 6, six of 17 estimates on the company's full-year 2014 pretax profit had been changed, by an average revision of plus 7.7 percent, data from Thomson Reuters StarMine showed, while the stock has fallen 8.1 percent over the same period.
Despite the weakness in emerging markets, and a growing sense of recovery in debt-hit Europe, Gilbert said he remained committed to the company's strategy.
"I don't think we want to lose the emerging market badge of expertise ... but what we would like to see is emerging market debt and the fixed income business grow," he said, adding he also wanted to see growth in the group's property business.
Aberdeen said it had taken in net inflows of new money into emerging market debt and property, and Gilbert said the acquisition of SWIP, the fund management arm of Lloyds Banking Group, which is still awaiting regulatory clearance, would help boost the latter still further.
The deal, announced in November, will lead to Aberdeen overtaking Schroders to become Europe's largest standalone fund manager.
($1 = 0.6116 British pounds) (Editing by Chris Vellacott and David Holmes)
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