Standard Life Aberdeen Plc reported a dip in assets under management and administration in the first nine months of 2017, citing challenging market conditions.
The company, formed through the merger of Standard Life and Aberdeen Asset Management, reported AUMA of £646.2 billion at Sept. 30, compared to £647.6 billion at 2016-end.
Aberdeen Standard Investments saw total AUM drop to £569.7 billion at September-end from £580.6 billion at the end of 2016. Standard Life Pensions and Savings, meanwhile, reported total assets under administration of £182.3 billion at Sept. 30, up from £171.6 billion at 2016-end.
The combined group recorded net outflows of £23.0 billion at the end of September, compared to £23.8 billion a year earlier. Net inflows stood at £58.6 billion at Sept. 30, compared to the year-ago £60.0 billion.
"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," co-CEOs Martin Gilbert and Keith Skeoch said. "The successful lPO of HDFC Life in India and our recent registration as a private securities fund manager in China have further strengthened our business."