LONDON, Dec 15 (Reuters) - Insurer and asset manager Standard Life Aberdeen’s fund arm’s assets under management dropped by 10.9 billion pounds ($14.65 billion) in the first nine months of 2017 due to challenging market conditions, it said on Friday.
Aberdeen Standard Investments’ AUM fell 2 percent at end-September to 569.7 billion pounds from 580.6 billion at end-2016, the company said in its first results announcement following a merger this year between Scottish rivals Standard Life and Aberdeen Asset Management.
“While the combined business has experienced net outflows, these were in line with our expectations,” co-chief executives Martin Gilbert and Keith Skeoch said, adding that “momentum in our business is good”.
Multi-asset funds, including the company’s flagship Global Absolute Return Strategy (GARS), posted net outflows of 5.6 billion pounds.
The firm’s overall assets under administration were steady at 646.2 billion pounds, from 647.6 billion at end-2016.
$1 = 0.7442 pounds Reporting by Carolyn Cohn, editing by Huw Jones