The group, which offers a range of institutional products investing in closed-end funds, said FUM at the end of September stood at US$5.0 billion (£3.8 billion), compared with US$5.1 billion (£3.9 billion) at the end of June.
Net inflows totalled US$8mln.
The Emerging Market and Frontier strategies lost value – down 5% and 12% respectively – and underperformed their relevant benchmark indices.
In the Developed strategy, relative returns were affected by widening discounts but the funds still saw a 20% increase in value, compared to a 4% increase in the benchmark index over the same period.
The Opportunistic Value funds increased by 15% versus a 2% gain on the corresponding benchmark index.
The group estimates that the post-tax profit for the first three months of the fiscal year will be roughly £2.2mln, down from £2.5mln in the corresponding period of last year.