- Wealth manager Standard Life Aberdeen posted a rise in first-half profit after it booked a gain on an asset sale, though its adjusted profit fell owing to lower fee revenue.

Net profit for the six months through June jumped to £636m, up from £111m on-year, after the company sold a 6.2% stake in life insurer HDFC Life.

Adjusted pre-tax profit fell 10% to £280m, as fee-based revenue reversed 37% to £815m.

Standard Life Aberdeen said the fall in fee-based revenue reflected the impact of lower assets under management and administration, combined with a reduction in its overall revenue margin.

Net outflows amounted to £15.9bn, which nevertheless marked an improvement from £16.9bn of outflows on-year.

Assets under management and administration fell to £577.5bn, compared to £592.1bn a year earlier, though they had risen from £551.5bn at the end of December, 2018.

The company held its interim dividend steady at 7.3p per share.

'We have made good progress in reshaping our business so that it is set up to take advantage of the trends impacting our industry both globally and in the UK,' chief executive Keith Skeoch said.

'We are encouraged by an improvement in our investment performance and a growing number of strategies with positive ratings from investment consultants.'

'We are seeing inflows that are more diverse and are pleased to have retained £35bn of Lloyds Banking Group assets.'

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