Standard Life hit by further GARS outflows but 'eager for next chapter' as Aberdeen merger looms

Total outflows of £3.7bn

Standard Life has reported a further £5.6bn outflows from its Global Absolute Return Strategies (GARS) mandate in the first half of the year, driving up the overall outflows figure, as the group reports its last results as a single entity before its merger with Aberdeen next week.

For the six months to 30 June, overall the group said it saw an increase in net inflows of 32% to other products to £5bn, but GARS saw net outflows of £5.6bn, compared to £300m inflows for the same period last year. This means that while gross inflows were "resilient" at £20.7bn, redemptions increased to £24.4bn, up from £20.9bn on last year, resulting in net outflows of £3.7bn, compared to £900m inflows last year. The group also said wholesale net inflows excluding GARS doubled to £1.8bn as the groups benefited from "improving investor sentiment across UK mutual funds and European SI...