Aberdeen Asset Management has shrugged off this summer's worries over its emerging markets exposure with an upbeat forecast for full-year earnings.

Aberdeen said pre-tax profits for the year to September 30 would be "towards the upper end of market forecasts" of £431 million to £471m.

The shares closed up 1.2p at 388.5p, around where they started the year, after soaring to 492p at the end of May before exposure worries helped trigger a tailspin to 349p in June.

Net outflows, which hit £3.4 billion in the third quarter, were cut to £1.2bn in July and August, producing a net outflow of £200m for the first 11 months of the year, unchanged from the comparable period a year earlier.

Gross new business flows for the two months were £7bn, bringing the total year to date to "an encouraging £41.3bn", the group said, a rise from the previous year's figure of £33.1bn.

Total assets under management fell from £209.6m to £201.7m, due to negative movements of £3.7m in the market or performance, and £3m in foreign exchange.

Martin Gilbert, chief executive, said: "We have a fundamental approach to investment, one we believe our clients appreciate. While emerging markets have seen some cyclical adjustments in recent months, their structural growth potential remains unchallenged.

"The long-term attractions of the companies and countries in which we invest are compelling. We are also mindful that while there are signs of recovery in Europe and the US the situation is fragile and structural problems have not been resolved. Aberdeen and our funds are well placed to navigate the difficult market environment ahead to deliver strong returns to our clients and investors."

The latest outflows were led not by equities, where outflows averaged £100m a month compared with £155m in the third quarter, but by losses of £500m in its Aberdeen Solutions bespoke management arm and £400m in fixed income.

Mr Gilbert said: "Encouragingly, we continue to see considerable investor appetite for our non-equity products, for example the £130 million of commitments recently received for a new property fund."

Global emerging markets equities saw net outflows of £600m which the group said "reflects the combination of weaker investor sentiment in the short term and the action we have taken to manage capacity". But it "was more than offset by flows into our Asia Pacific and Japan equity products".

The £56m Aberdeen All-Asia investment trust decided earlier this month to convert the mandate to a pure focus on Japan, with the aim of raising £100m.

Bill Rattray, Aberdeen's finance director, commented that it had been a decision for the trust's board but noted: "In the last nine to 12 months we have seen a lot more interest in Japan."

On the effects of the past few months' volatility, he added: "We are still very much playing our own game and looking at good quality companies to hold for the medium to long term."

The group said inflows for the two -month period had again been biased towards higher margin equities products such as emerging market debt and high yield bonds.

The latter had been helped by the capability acquired with Artio Global Investors, one of the group's two recent acquisitions along with private equity specialist SVG Advisers, helping Aberdeen to penetrate the United States and Continental Europe.