Standard Life Aberdeen (SLA) saw its profits fall by a third in its first-half results as revenue fell, but redemptions from its strategies fell to the lowest level since the firm's blockbuster 2017 merger.
SLA said adjusted profit before tax slipped to £195m in H1 2020, 30% lower than in H1 2019, at £280m, largely reflecting lower revenue. Its fee-based revenue fell 13% to £706m, from £815m. However, the firm did see the lowest amount of redemptions in more than three years, at £38.1bn. Combined with gross inflows of £38.2bn, the firm recorded net inflows of £100m, excluding expected tranche withdrawals from Lloyds Banking Group customers. SLA added that its balance sheet remains strong, allowing it to maintain its interim dividend payment of 7.3p. In his final half-year results as C...
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