AUME totalled US$61.8bn at September 30, compared to US$61.9bn at the end of June, as the dollar weakened. In sterling terms, AUME rose to £47.4bn from £46.9bn.
Net client outflows were US$0.6bn, compared to inflows of US$0.6bn in the previous quarter. Client numbers rose to 66 from 64 in the period.
No performance fees were earned in the quarter.
The company warned that it would lose seven clients in the current quarter as passive hedging mandates for two commercial relationships worth up to US$2.5bn have been terminated.
"We are seeing an encouraging range of new business opportunities across products and geographies, although this has to be balanced against continued competition and fee pressure in passive hedging in particular," said chief executive James Wood-Collins.
"With our diversified product suite and our ability to offer tailored solutions to clients and potential clients, we aim to make further progress in the second half of the financial year."
Shares declined 9.7% to 31.90p.