LONDON, Aug 7 (Reuters) - Insurer and asset manager Standard Life Aberdeen posted a 12 percent drop in pre-tax profit in the first half and assets under management fell, with the firm’s co-chief executives describing market conditions as challenging.
The business, formed from an 11 billion pound merger last year of two rival Scottish firms, recorded a 2.6 percent drop in assets under management and administration to 610 billion pounds ($790.13 billion) over the six months to end-June.
Adjusted profit before tax from continuing operations fell 12 percent from a year earlier to 311 million pounds, below analyst expectations of 325 million pounds, according to a company-supplied poll.
Assets under management at fund arm Aberdeen Standard Investments were 557 billion pounds on June 30, down from 575.7 billion pounds at end-2017 but in line with a 556 billion pound forecast in a company-supplied poll.
“Market conditions remain challenging, as macroeconomic and political uncertainties continue to affect investor sentiment,” co-chief executives Martin Gilbert and Keith Skeoch said in a statement.
The firm said it would pay an interim dividend of 7.3 pence per share, against a forecast 7.33 pence. ($1 = 0.7720 pounds) (Reporting by Carolyn Cohn; editing by Ben Martin)