Analysts cut the target price to 310p from 350p, around 17% lower than the current share price.
The investment manager posted US$3.6bn net outflows in the three months to March, the first after 12 quarters of inflows.
Analysts forecast the negative trend to continue based on the FTSE 250-listed firm’s historical flow trends, its fund’s underperformance as well as a cautious outlook on emerging markets debt industry flows.
“Our emerging markets strategy team are also more cautious in the near term on the region, which we believe could have a negative impact on increasing exposure to emerging markets over the coming months,” the investment bank commented.
Shares dipped 1% to 365.4p on Tuesday mid-morning.