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Standard Life Aberdeen profits fall on lower fee income

Tue, 10th Mar 2020 07:18

(Sharecast News) - Asset manager Standard Life Aberdeen reported a fall in adjusted full year profits as revenues fell due to lower fee income.
Fee based revenue fell 13% to ?1.63bn, reflecting the impact of net outflows in 2018 and 2019. Underlying pre-tax profit, which stripped out one-off gains and losses from asset sales and write-downs, fell 10% to ?584m.

The company said the outlook for markets and the wealth management industry in 2020 was "turbulent" given the additional complexity of the coronavirus.

Net outflows outflows slowed to ?17.4bn from ?41bn, excluding a tranche of withdrawals from Lloyds Banking Group.

Operating expenses by 4% to ?1.3bn as the company continued to cut costs after the 2017 merger of Standard Life and Aberdeen Asset Management.

Chief executive Keith Skeoch said SLA was seeing growing momentum in the second half of the year across the business, with improved investment performance and flows.

"We remain on track to deliver targeted synergies and have identified more we can deliver as we continue to reshape the business and sustain resilience," he said.

"The outlook for the markets and our industry in 2020 is turbulent with the additional complexity of Covid-19. Importantly we are focused on what we can control, namely delivering for our clients, customers, colleagues and shareholders; diversifying our revenues; investing for the future and maintaining financial discipline."

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30 Jun 2020 08:04

Standard Life to replace CEO Skeoch with ex-Citi banker

(Sharecast News) - Standard Life Aberdeen has hired Stephen Bird, a former Citigroup banker, as its next chief executive to replace Keith Skeoch, who is stepping down after more than 20 years at the asset manager.

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30 Jun 2020 07:49

LONDON MARKET PRE-OPEN: Redrow Warns On Profit, Pulls Out Of London

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25 Jun 2020 09:25

UK BROKER RATINGS SUMMARY: RBC Likes Centamin But Cuts Hochschild

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19 Jun 2020 13:23

Standard Life Nets GBP263 Million From Part Stake Sale In Indian JV

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16 Jun 2020 14:47

Standard Life To Pocket GBP260 Million From Stake Sale In India

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14 Jun 2020 19:22

Sunday newspaper round-up: Two meters, Rolls Royce, Clinigen

(Sharecast News) - Senior scientists have reported flaws in an influential World Health Organization-commissioned study into the risks of coronavirus infection and say it should not be used as evidence for relaxing the UK's 2-metre physical distancing rule. Critics of the distancing advice, which states that people should keep at least 2 metres apart, believe it is too cautious. They seized on the research commissioned by the WHO, which suggested a reduction from 2 metres to 1 would raise infection risk only marginally, from 1.3% to 2.6%. - Guardian

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5 Jun 2020 09:50

Virgin Money And Aberdeen Inject GBP25 Million Into Joint Venture

Virgin Money And Aberdeen Inject GBP25 Million Into Joint Venture

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5 Jun 2020 08:02

Virgin Money and Aberdeen provide £12.5m each for JV

(Sharecast News) - Virgin Money and Aberdeen Asset Management have agreed to provide up to £12.5m each of extra funding for their asset management joint venture.

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4 Jun 2020 08:55

Standard Life Aberdeen Gets GBP207 Million From Share Sale In India

Standard Life Aberdeen Gets GBP207 Million From Share Sale In India

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4 Jun 2020 07:52

LONDON MARKET PRE-OPEN: IG Trading Revenue Surges; ECB Decision Ahead

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3 Jun 2020 10:03

UK BROKER RATINGS SUMMARY: Jefferies Ups M&S To Buy, Cuts B&M To Hold

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2 Jun 2020 14:15

Tuesday broker round-up

(Sharecast News) - TUI: Berenberg downgrades to sell with a target price of 350p.

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2 Jun 2020 09:39

UK BROKER RATINGS SUMMARY: Berenberg Downgrades TUI To Sell From Hold

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13 May 2020 13:42

Wednesday broker round-up

(Sharecast News) - Rathbone Brothers: Canaccord upgrades to buy with a target price of 1,846p.

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12 May 2020 17:09

LONDON MARKET CLOSE: Vodafone Helps FTSE Outperform Amid Virus Fears

LONDON MARKET CLOSE: Vodafone Helps FTSE Outperform Amid Virus Fears

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