Standard Life Aberdeen’s investment arm has seen outflows continue, latest results show, but the newly merged investment giant has benefited from an uplift from its pensions and platforms businesses.
For the nine months to September, Aberdeen Standard Investments assets under management dropped from £580.6bn to £569.7bn, with company noting that market conditions “remain challenging.”
This was offset by an extra £10bn in AUA for Standard Life Pensions and Savings, however, which reached £182.3bn.
Net inflows into Standard Life Pensions and Savings “growth channels” also increased by £1.8bn, while net inflows of more than £5bn took combined assets across the Wrap and Elevate platforms past £50bn. While significantly smaller at £4bn, Aberdeen-owned Parmenion’s flows also amounted to £1bn.
Co-chief execitives Martin Gilbert and Keith Skeoch say: “While the combined business has experienced net outflows, these were in line with our expectations given the asset classes affected and the structural outflows from our lower margin mature books. Nevertheless the momentum in our business is good…We continue to innovate, launching new funds with strong backing from clients and winning new mandates across a wide range of investment strategies.”