* Assets fall to 302.7 bln stg; outflows 10.5 bln stg
* Sees outflows of 2.4 bln stg in the current quarter
* Shares down 4.5 pct, among top fallers in midcap index (Adds detail from statement, CEO quote, analyst quote, shareprice)
By Simon Jessop
LONDON, Feb 2 (Reuters) - Aberdeen Asset Management said total assets fell 3 percent to 302.7 billion pounds($383.22 billion) in the first quarter, as fresh outflows afterthe U.S. election overshadowed market gains.
The firm has been hit by persistent outflows from its fundson concerns about growth in emerging markets, and a fledglingrecovery in sentiment in the early part of the quarter wassnuffed out by the impact of the U.S. election, it said.
"People are waiting to see what [U.S. President Donald]Trump does... but if the economy in the U.S. improves, the restof the world will do well," Chief Executive Martin Gilbert saidon a conference call with journalists.
Net outflows across all its products totalled 10.5 billionpounds, it said in a statement, versus market gains of 3.3billion pounds.
Aberdeen said the bulk of the outflows were from lowermargin products, and had been largely anticipated. It added thata further 2.4 billion pounds was scheduled to be withdrawn fromlower-margin portfolios this quarter.
"Each of the company's main divisions experienced outflowsduring the quarter, making it difficult to see where there couldpotentially be organic growth in the near term," KBW analystJonathan Richards said in a note to clients.
"Q1's outflows were greater than what was seen in anyquarter in 2016," he said.
It marked the 15th consecutive quarter of outflows, for acumulative figure of 104.6 billion pounds, Shore Capital analystPaul McGinnis said in a note to clients.
Aberdeen shares were down 4.5 percent at 0816 GMT, among thetop fallers in a flat FTSE midcap index.
The firm's fixed income products saw the steepest drop inassets - 4.2 billion pounds - although part of this was theresult of a decision to withdraw from managing several mandates,it said.
Despite the outflows, Aberdeen saw positive market gainsacross its equities, multi-asset, alternatives, quantitative andproperty products.
"We continue to make encouraging progress across all assetclasses, with a healthy level of client interest and demand,"Gilbert said in a statement.
"While growing interest in a number of our strategies islikely to continue to be masked, in the short term, bysignificant withdrawals by a small number of clients, I amencouraged by the progress being made."
($1 = 0.7899 pounds) (Reporting by Simon Jessop; editing by Rachel Armstrong andJason Neely)
