Aberdeen Standard Investments' assets under management fell 1.9% to £569.7 billion ($737.1 billion) for the nine months ended Sept. 30, amid net outflows for the recently merged firm.
Total assets under management and administration fell 0.22% to £646.2 billion.
Aberdeen Asset Management and Standard Life merged earlier this year and reported Friday its financial update for the first nine months of 2017. Quarterly and comparative figures were not available. The update said pro forma results for the group had been prepared as if Standard Life and Aberdeen had always been merged.
Total net outflows for the period were £28.1 billion, although market and performance gains added £20.9 billion to the AUM.
Institutional assets under management fell 3.66% to £195 billion, with net outflows of £14.9 billion in the period. Markets and performance added £8.8 billion to the institutional AUM.
Equity assets under management grew 5.5% to £102.8 billion despite net outflows of £5.3 billion. Positive market and performance impacts added £10.7 billion.
Fixed-income assets under management fell 8.2% to £50.6 billion, with net outflows of £2.7 billion, negative markets and performance hits of £500 million, and a negative £1.3 billion impact from corporate actions.
Assets under management in multiasset strategies fell 9% in the nine months ended Sept. 30 to £72 billion, amid £5.6 billion in net outflows, a negative £2.4 billion effect from corporate actions, but £900 million in positive markets and performance impacts.
Private markets and alternatives assets fell 3.5% to £24.8 billion, with net outflows of £700 million and £200 million in negative markets and performance impacts.
Quantitative strategies saw £500 million in net outflows but gained £200 million through markets and performance, resulting in a 12.5% drop in AUM to £2.1 billion. Cash and liquidity strategies saw £700 million in net outflows but recorded a positive £500 million impact from markets and performance, with a 0.9% fall in assets under management to £21.7 billion.
Real estate strategies recorded £900 million in net outflows but saw a £1.6 billion positive impact from markets and performance, with assets under management growing 2.5% to £28.2 billion.
"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, CEOs, in the update. "Nevertheless the momentum in our business is good with £58.6 billion 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."
Abbie Parrott contributed to this story.
