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Standard Life Aberdeen sees assets rise in spite of GARS outflows

Businessmen looking at market chartsStandard Life Aberdeen saw its assets under management grow 5 per cent year-on-year to £577.5bn in the first half of the 2019, despite continuing outflows from its behemoth Global Absolute Return Strategies fund.

The £15.9bn of net outflows, however, meant that the asset manager saw lower revenue from fees of £815m in the first six months of the year, compared to £966m in the same reporting period last year.

The company says net outflows remained “concentrated” in a narrow range of strategies and reduced from £16.9bn in H1 2018 and £24bn in H2 2018.

SLA’s assets under administrations on its Wrap and Elevate platforms increased by 11 per cent to £66bn, according to the company’s results this morning.

But the group’s adjusted profit before tax took a hit coming in at £280m compared to £311m for the first half of 2018.

Lloyds to pay £140m to Standard Life Aberdeen to settle the £109bn mandate dispute

SLA also says it eyes further expansion of its national advice business 1825 after its acquisitions of the wealth advisory businesses of BDO Northern Ireland and Grant Thornton UK will result in a around 40 per cent increase in assets under advice to around £6bn.

SLA chief executive officer Keith Skeoch says: “We have made good progress in reshaping our business so that it is set up to take advantage of the trends impacting our industry both globally and in the UK.

“We are encouraged by an improvement in our investment performance and a growing number of strategies with positive ratings from investment consultants. We are seeing inflows that are more diverse and are pleased to have retained £35bn of Lloyds Banking Group assets.

“This, combined with lower redemptions and better markets, has helped us to increase assets by 5 per cent to £577bn.

“We are also building for the future, with our business in China securing a licence to develop a pensions business and our financial advisory business 1825 announcing two acquisitions that will significantly increase its assets, number of advisers and national reach.”

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