Standard life Aberdeen accelerates plans to return £1.75 bn to shareholders

  • Standard life Aberdeen accelerates plans to return £1.75 bn to shareholders
    Independent.t. E.
    The Fund giant standard life, Aberdeen has brought forward plans to return £1.75 bn to shareholders, stating that the first tranche of its buyback of shares will begin “in coming days”.
    https://www.independent.ie/business/world/standard-life-aberdeen-accelerates-plans-to-return-175bn-to-shareholders-37191856.html
    https://www.independent.ie/incoming/article36919935.ece/5e3ba/AUTOCROP/h342/51Lloyds%20Banking%20Gr%20INT_ED5_S01%20Read-Only.jpg

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The Fund giant standard life, Aberdeen has brought forward plans to return £1.75 bn to shareholders, stating that the first tranche of its buyback of shares will begin “in coming days”.

The group announced the repurchase of stock in may, stating that he would follow the sale of its European insurance business in the Phoenix group.

Standard life Aberdeen, said on Tuesday that it would start the first £175m tranche before its buyback of shares and that the sale of the Phoenix will be completed in the third quarter.

The Manager of the Fund, which was formed from the £11bn merger of standard life and management Aberdeen asset last year, announced £16.6 billion of capital outflow in the first half of the year.

Its assets under management were £610.1 billion, compared to £626.5 billion for the same period in 2017.

Pre-tax profit for the period amounted to £127м, to amp; 35pc year-on-year from £94m.

The company said the political uncertainty continues to knock investor sentiment, and that these uncertainties pushing investors to seek new strategies.

Leaders Martin Gilbert and Keith Skeoch said that the conditions for the industry of asset management was “complicated.”

“Our investment and distribution teams to win new mandates and we have a good and varied pipeline of business from around the world. We are taking active steps to improve our investment performance in key areas, as well as the impact of these initiatives,” they said.

Analysts at Jeffries said: “market conditions remain challenging and the outflow remains a problem.

“However, it appears that the integration plan everything goes well and the savings materialize, with further benefits in the future.”

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