In the final three months of 2014, £16bn of assets flowed out, while it attracted £11.3bn of new business.
Its figures were helped by foreign exchange movements and asset price performance.
That left it at the end of December with £323.3bn under management, down by £1.1bn on the end of September.
Martin Gilbert, chief executive of the Aberdeen-based firm, said: "The recent quarter can be considered in two parts. October and November were encouraging with overall flows in line with the previous quarter and equity flows positive.
"However, December was a reminder that investor sentiment remains fragile.
"Despite this and ongoing concerns about Europe and elsewhere, Aberdeen is in good shape. Importantly we have a strong balance sheet, a global client base and a wide range of capabilities to meet the needs of investors"
'Continued volatility'
With its trading update, the asset management giant said continued volatility was expected.
The company expanded its portfolio rapidly last year, as it took over Scottish Widows Investment Partnership (SWIP) from Lloyds Banking Group.
The market statement said the integration of SWIP was on track, the more complex parts of it should be completed by the end of this year, and savings from merging the two companies were greater than expected.
The Aberdeen Asset Management share price fell by more than 3% in the wake of the market update.
Meanwhile, it announced the appointment of Val Rahmani as a director.
She was previously chief executive of Damballa, a US software security firm, and an executive at IBM.
Aberdeen Asset Management has reported a net outflow of funds, which accelerated during a tough December.