UK - Henderson Global Investors had a £2.9bn (€4.3bn) outflow of institutional assets in the first half of 2006, the company said in its first-half report.
The numbers came as Henderson said it would make £80m in extra contributions to its pension scheme and move it towards a liability driven approach.
As at the end of June, Henderson Global Investors had £24.9bn in institutional assets under management, down from £26.2bn six months before.
"Obviously I'd prefer if it wasn't a negative number but it's a feature of all fund management companies that had a significant book of balanced business," said chief executive Roger Yates on a conference call.
Over a three-year period just 21% of institutional assets met benchmark, which Yates acknowledged was "weak".
The firm said core institutional investment performance had not yet improved markedly "notwithstanding the new investment hires made in the last 18 months".
Yates said new hires were beginning to win the confidence of clients and consultants. "When that performance turns it will augurs well for fund flows in the future," Yates said.
And the loss of institutional assets had slowed, compared to a £4.3bn outflow in the first half of last year.
Total assets under management have fallen to £63.1bn from £67.7bn at the end of last year.
A three-stage pension contribution agreed with trustees to address a deficit would "strengthen its mortality provisions and to re-orientate the scheme's investment strategy to a liability driven investment approach", Henderson said.
The company reported a 23% increase in pre-tax profit to £46.6m.
It had £2bn of net inflows into higher margin products such as mutual funds, absolute return funds and property.