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Large UK asset manager sees sharp fall in profits

Lost business from Lloyds Banking Group and market turmoil affect profits negatively at Standard Life Aberdeen.

Photo: David Cheskin/AP/Ritzau Scanpix

UK's second-largest asset manager Standard Life Aberdeen experienced a 30 percent fall in profits in the first half of this year. Heavy outflows linked to the asset manager's lost business with Lloyds Banking Group and market turmoil after the outbreak of the coronavirus pandemic took their toll, reports the Financial Times.

The adjusted profit before tax reached EUR 217m, slightly above analysts' expectations of EUR 199m but well below the EUR 311m posted for the same period last year, according to the newspaper.

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