Standard Life Aberdeen has posted a steady rise in first-quarter assets after “positive” market movements helped offset currency losses.
The UK’s second-biggest listed asset manager by market capitalisation said in a trading update that total assets under management and administration at the end of March stood at £568.9 billion, up 3 per cent on the previous quarter.
SLA said assets were boosted by £3.5bn from Virgin Money, with which it is forming a joint venture, and £700 million through the acquisition of Asia-based property manager Orion Partners.
While the group said assets managed on behalf of institutional, insurance and retail clients had all risen in the latest quarter, it continued to see outflows from “a small number of strategies”, without providing further details on group net flows.
Edinburgh-headquartered Standard Life Aberdeen is due to issue its half-year results on 7 August.