Standard Life will complete its merger with Aberdeen Asset Management on August 14 David Cheskin/PAStandard Life investors pulled £5.6 billion out of its main Global Absolute Return Strategies Fund in first six month of the year. As a result redemptions increased to £24.4 billion from £21 billion at the FTSE 100 insurer and asset manager ahead of the completion of its £11 billion merger with Aberdeen Asset Management next week. Offsetting this was gross inflows of £20.7 billion, down from £21.8 billion last year, and assets under administration, which gained 1 per cent to £362 billion — in line with forecasts. Despite this the company reported a better-than-expected 6 per cent rise in operating profit before tax to £362 million and said that fee-based revenue increased 5 per cent to £836 million. Eamonn Flanagan, of Shore Capital, said that…

Source: The Times August 08, 2017 08:03 UTC