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Standard Life Aberdeen bounces back from asset fall

Standard Life Aberdeen has posted its first quarter results for 2019, praising “positive markets” in which it grew assets by 3 per cent.

Currently the UK’s second-largest asset manager, SLA recorded total assets under management and administration of £568.9bn for Q1.

This figure is up 3 per cent on Q4 last year.

The asset manager says inflows were boosted by the £3.5bn in assets received as part of its joint venture with Virgin Money.

The deal, which was announced in March, saw SLA acquire 50 per cent of Virgin Unit Trust Managers for an upfront cash payment of £40m.

SLA says its acquisition of real estate manager Orion Partners also helped boost the group’s figures.

Orion has offices in Tokyo, Seoul, Hong Kong and Singapore and brought USD$900m (£695m) in assets to SLA.

Standard Life Aberdeen wined and dined ex-Brexit minister at Davos

The institutional, wealth and digital and insurance arms of SLA held £254.5bn at 31 March, also up on December by £4.3bn.

The Telegraph reported SLA was under fire from staff last month after bonuses were cut and some employees were handed zero, or “doughnut”, payouts.

This followed the asset manager ending its joint chief executive structure in March.

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