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Money Management

Aberdeen Standard records 2.8% rise in AUM during first quarter

Aberdeen Standard Investments, the money management unit of Standard Life Aberdeen, saw assets under management rise 2.8% in the three months ended March 31 to £519.4 ($675 billion), driven in part by positive market movements that were partly offset by the strength of the pound sterling.

A financial update Tuesday said assets under management and administration for parent Standard Life Aberdeen also increased 3% for three months ended March 31 to £568.9 billion.

Net outflows continued to be concentrated in a small number of strategies, the firm said, without disclosing the amount.

Gross inflows were boosted by the transfer of £3.5 billion in retail assets from a joint venture with Virgin Money launched in February 2018 and the acquisition of Asia-based real estate manager, Orion Partners, which added £700 million in the first quarter of 2019.

Half-year results will be published on Aug. 7, the firm said.

At the company's annual general meeting also Tuesday, a significant percentage of votes were cast against a resolution relating to the remuneration of the incoming CFO, Stephanie Bruce.

Aberdeen Standard said the firm will continue to engage with shareholders on the concerns raised on this resolution. "In accordance with the U.K. Corporate Governance Code, we will publish an update on that engagement within six months of (Tuesday's meeting)," the firm said.