Aberdeen Asset Management takes funds' £8.1bn loss in its stride

Funds managed by Aberdeen Asset Management lost £8.1 billion thanks to market and currency volatility during July and August. But chief executive Martin Gilbert remains sanguine: "We outperformed in most markets and our institutional investors ­- who make up 85% of the total funds - don't actually do anything in such times. In fact if we have a problem it is that there is too much money coming in."

Gilbert said Aberdeen's three largest funds - Global Equities, Global Emerging Markets and Asian Equities - each worth about $40 billion, had closed or were about to close to new investors.

As if to emphasise that Aberdeen does well in tough times, it said today that pre-tax profits for the year which ends this month would be at the top end of City forecasts, which currently range from £262 million to £297 million. Funds under management at the end of August were £177 billion.

Gilbert reckons equities are still more attractive than bonds. "The eurozone crisis will have to be worked out at some stage but there's no easy resolution and in the meantime economic growth in the West will be anaemic for some time," he said.