Baillie Gifford & Co Limited's funds under management had already dropped £7.2bn to £84.4bn in the year to the end of March 2022, according to an annual report filed on Companies House.
The fund management house has struggled in the first half of the year as growth stocks, which are held across the funds and trusts they run, have fallen out of favour.
The report covers one of several subsidiaries that fall under the parent company, Baillie Gifford Group. This subsidiary oversees the group's range of UK domiciled OEICs and investment trusts.
In the report the chair stated that "short term performance has been disappointing for a large number of funds, and the board will continue to keep performance under review".
OEICs saw the largest drop with FUM dropping to £54.4bn down from £60bn at the end of March last year. The accounts said further details about OIECs would be in an upcoming assessment of value report due to be published on 31 July.
Investment trusts also dropped slightly from £28.8bn to £27.2bn while Canadian pooled funds stayed steady at £2.8bn.
Despite dropping funds under management, the firm increased its profit after taxation. For the year to end of March 2022 it made £27.4m versus £22.5m for the year previously.
The interim dividend was also increased up to £27m for the year from £22.5m.
