Shares in Aberdeen Asset Management fell by 8% after reporting that it had lost £23bn in assets under management over the past three months.
It said much of that was explained by market movements, including bonds and Asian stocks, and currency fluctuations, while it also saw funds withdrawn by clients.
The smaller Alliance Trust, based in Dundee, reported a "disappointing" six months, admitting it under-performed similar investment funds.
Both companies issued statements to the London Stock Exchange on Thursday morning.
Aberdeen Asset Management reported its assets under management dropped from £330.6bn at the end of March to £307.3bn on 30 June.
Its equity portfolio lost £11bn, falling to £99bn. Fixed income was down from £72.4bn to £67.3bn.  Only its property assets held up, at £19.4bn.
It also lost nearly £10bn of net outflows of funds, as clients shifted money elsewhere, and £21bn of net outflows over the nine months to 30 June.
Having cut back its exposure to the Chinese stock market, it missed a rally in prices earlier this year, but that also meant it was less exposed to the more recent rout on the Shanghai exchange.
Chief executive Martin Gilbert said the company is diversifying and that it made progress in the past three months, while saying he did not intend to change the firm's investment style, though it was "painful" to ride out the volatility.
He commented: "Market and FX movements together with low margin outflows from certain fixed income and solutions clients accounted for a large proportion of the decline in Assets under Management.
"In addition, macro-economic factors and investor sentiment towards Asia and emerging markets continued to weigh on equity flows. Despite this the long-term investment case for Asia and emerging markets is unchanged and we believe that committed investors will be rewarded over time."
In Dundee, Alliance Trust gave a half-year update, signalling that it will announce strategic changes in the autumn, which respond to shareholder pressure.
The board had to make concessions to the Elliott Partners hedge fund, taking on two of its nominees.
The fund manager had cut back on the number of company shares in its portfolio from 88 to a historic low of 68, saying that showed its confidence in its investment strategy.
It was hit hardest by the performance of its fixed income or bond division during June, with yields rising as the eurozone crisis returned, meaning prices fell.
Commenting on the six-month results, chief executive Katherine Garrett-Cox said Alliance Trust had "under-performed a number of our peers", but its equity team had out-performed its market benchmark.
She added: "Our objective is to maximise shareholder value by delivering a combination of long-term capital growth and a consistently rising dividend. We aim to achieve this through a portfolio which provides low-risk exposure to global equities.
"Over the period, we have reduced the number of holdings in the portfolio to below 70. This is an historically low number and illustrates our confidence in our investment process. This concentration means that we are putting higher levels of conviction behind every holding and we are confident that this will deliver superior returns in the long term, albeit recognising that there can sometimes be periods of stock-specific under-performance.
"Looking ahead, it is clear that the uncertain outlook for both Greece and China has the capacity to affect equity markets for some time to come. We are confident that the team's focus on investing in well-managed businesses for the long term will help insulate the portfolio from market volatility while continuing to generate returns for our shareholders."
Two asset managers based in Scotland have reported disappointing results, after being hit by volatile investment markets.