Aberdeen Standard Investments, the money management unit of Standard Life Aberdeen, saw assets under management and administration fall 10.1% for 12 months ended Dec. 31 to £505.1 billion ($641 billion) on negative market movements.
A financial update Wednesday said institutional net outflows totaled £27.7 billion for 2018, compared with net outflows of £19.7 billion for the previous year.
The update said outflows were a "challenge," adding that "it is encouraging that these are concentrated in a narrow range of strategies."
Equities net outflows were £17.6 billion for 12 months ended Dec. 31 vs. £10.2 billion in net outflows for the previous year. Multiasset net outflows totaled £15.7 billion for the year vs. £6.9 billion in 12 months ended Dec. 31, 2017.
Assets under management and administration for parent Standard Life Aberdeen fell 9.3% for 12 months ended Dec. 31 to £551.5 billion ($724.7 billion). Net outflows totaled £40.9 billion as of Dec.31, a decline from on net outflows of £32.9 billion for 12 months ended Dec. 31, 2017. Adjusted profit before tax fell 17% for 12 months to £860 million.
"In a tough year of continued change for our industry, we saw further net outflows — equivalent to about 7% of our starting assets," said Martin Gilbert, vice chairman of Standard Life Aberdeen and chairman of Aberdeen Standard Investments, in a news release accompanying the update.