Standard Life Aberdeen had £23bn of net outflows this year

Newly-minted Standard Life Aberdeen suffered heavy outflows in the nine months to the end of September in one of its first updates since it was formed in an £11bn merger August.

The company said total net outflows hit £23bn during the period, although that was down from outflows of £23.8bn last year.

Meanwhile, total assets under management rose to £646.2bn, from £642.4bn during the same period last year.

However, the company said it saw a "good momentum" across a wide range of products, with gross inflows across the group of £58.6bn, down from £60bn last year.

"While the combined business has experienced net outflows, these were in line with our expectations given the asset classes affected and the structural outflows from our lower margin mature books," said Martin Gilbert and Keith Skeoch, its chief executives.

"Nevertheless the momentum in our business is good with £58.6bn of gross inflows during the period. We continue to innovate, launching new funds with strong backing from clients and winning new mandates across a wide range of investment strategies.

"Standard Life, our pensions and savings business has had record flows year to date demonstrating further strength and diversity of our business."

Read more: Standard Life Aberdeen shares slip on proposed debt offering

Full story: Standard Life Aberdeen had £23bn of net outflows this year: City A.M.

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