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Wealth manager Standard Life Aberdeen posted a 10% fall in adjusted annual profit after net outflows from its funds sapped it of fee revenue.
Pre-tax profit for the year through December amounted to £243m, swinging from a loss of £787m on-year.
However, underlying pre-tax profit, which stripped out one-off gains and losses from asset sales and write-downs, fell 10% to £584m, as fee-based revenue fell 13% to £1.63bn.
Standard Life Aberdeen held its annual dividend steady at 21.6p per share, in line with its guidance.
The company said the outlook for markets and the wealth management industry in 2020 was 'turbulent' given the additional complexity of COVID-19.
'We have seen growing momentum in the second half of the year across the business with improved investment performance and flows,' chief executive Keith Skeoch said.
'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.'
'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.'