SLA reports first results

Investment: Newly-created financial services giant making good progress

Standard Life Aberdeen (SLA) co-chief executive Martin Gilbert said yesterday the new business created by the megamerger of two financial services giants was making good progress.

Mr Gilbert, who shares the management hotseat with Keith Skeoch, was speaking after SLA reported its first results since Granite City-based Aberdeen Asset Management (AAM) was taken

“People are not giving us money until the fund management team settles”

over by Edinburgh-based Standard Life in August in an all-share deal worth £3.8billion.

SLA said total assets under management and administration stood at £646.2billion at September 30, down slightly from the £647.6billion total for AAM and Standard Life at the start of the year.

The latest figure includes £569.7billion at Aberdeen Standard Investments, down from £580.6billion at the end of 2016, while assets under administration by Standard Life Pensions and Savings increased by nearly £11billion to £182.3billion.

Mr Gilbert, who cofounded and was chief executive of AAM, said there were fewer people taking money out of combined funds during the nine months to September 30 – a total of £10.6billlion, against £11.3billion a year ago – but inflows had slowed to deliver an overall “stable” performance.

“People are not giving us money until the fund management team settles,” Mr Gilbert said, adding he expected an improve- ment next year. SLA is now the biggest independent player in its market outside the US, which it is eyeing for growth opportunities.

A statement from the firm said it was “making good progress towards creating a world-class investment company”.

DOING WELL: Keith Skeoch and Martin Gilbert, co-chief executives of Standard Life Aberdeen