Standard Life Aberdeen bullish after slashing divi amid drop in profit
Standard Life Aberdeen (SLA) has cut its dividend by a third after profits fell and clients pulled more cash from the fund manager in 2020.
The firm – which is undergoing a rebranding – however also outlined its aim to return the business to revenue and earnings growth. It revealed that adjusted pre-tax profit amounted to £487 million, a drop from £584m, on the back of lower revenue.
Fee-based revenue came in at £1.4bn, down from £1.6bn, and net outflows amounted to £29 billion, down from £58.4bn in 2019 – while assets under management and administration totalled £534.6bn, down from £544.6bn – including £25.9bn withdrawn by Lloyds Banking Group.
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