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Standard Life Aberdeen assets grow on positive market movements

Assets were boosted by £3.5bn from joint venture partner Virgin Money and the acquisition of Asia-based real estate manager Orion Partners.

assets
The group continued to see outflows from a “small number of strategies” in the first quarter

Standard Life Aberdeen PLC (LON:SLA) reported a 3% increase in first-quarter assets, supported by positive market movements and recent deals.

Assets under management and administration rose to £568.9bn at the end of March from £551.5bn at the end of December.

READ: Lloyds not entitled to end £100bn asset management deal with Standard Life Aberdeen, tribunal rules

Assets were boosted by £3.5bn from Virgin Money, with whom SLA is forming a joint venture, and the acquisition of Asia-based real estate manager, Orion Partners.

In March SLA agreed to buy a 50% stake in Virgin Money’s investment business as part of new joint venture to expand the companies’ retail asset management services. As part of the deal, Virgin Money’s retail investment customers will gain access to fund management services and technology from Aberdeen Standard Investments, SLA’s investment arm.

Also in March, SLA announced a leadership shakeup following months of net outflows of client cash.

The group said it continued to see outflows from a “small number of strategies” in the first quarter without giving specific details.

However, assets managed on behalf of institutional, insurance and retail clients rose in the period.

Shares were little changed in morning trading at 259p.

 

Quick facts: Standard Life Aberdeen PLC

Price: 309.5 GBX

LSE:SLA
Market: LSE
Market Cap: £7.26 billion
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