(Bloomberg) -- Aberdeen Asset Management, Europe’s largest publicly traded moneymanager by assets, reported 20.4 billion pounds ($32 billion) of outflows in the full year as investor sentiment toward emerging markets waned.

Net outflows were up from $3.1 billion in the year through September 2013, the company said in a statement today. Assets under management increased 62% to $402 billion, boosted by the purchase of Scottish Widows Investment Partnership. The Aberdeen unit had $19 billionof net outflows in the period, with a single client withdrawing about $4.9 billion of “low margin assets,” it said.

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