Aberdeen Asset Management has suffered net outflows of more than £20 billion for the year to the end September, with its new acquisition contributing almost a quarter of that total.

The company said it witnessed net outflows of £16 billion for the year from the Aberdeen element of the business and a further £4.4 billion in net outflows from the Scottish Widows Investment Partnership business it acquired from Lloyds Banking Group at the end of March 2014. Aberdeen's underlying profits increased 2% to £490.3 million.