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'Ahead of the game'


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Scottish fund manager Standard Life Aberdeen has seen another outflow of funds. Some £16.6bn left the business, according to the latest half-year results.

Boss Martin Gilbert, speaking on Today, said conditions in the industry remain tough. Standard Life merged with Aberdeen Asset Management last year.

Mr Gilbert said fees being earned in the industry are falling. "Thankfully, we did the deal when we did. We are ahead of the game here."

Pre-tax profits fell 12% from a year earlier to £311m, below analyst expectations of £325m.

Assets under management were £557bn at the end of June, down from £575.7bn at end-2017.

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