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WHAT LIES BEHIND THE PROFIT FALLS AT STANDARD LIFE?

<strong>BARRIE CORNES </strong> PANMURE GORDON<br />&ldquo;Standard Life has reported a slightly disappointing set of first-half figures. The miss on statutory profitability stems from lower management charges, Canadian property and other assets on its balance sheet. We maintain our &ldquo;Hold&rdquo; recommendation.&rdquo;<br /><br /><strong>DUNCAN HALL </strong> FINNCAP<br />&ldquo;The statutory reporting method does tend to depress profits. The general feeling is that Standard Life&rsquo;s third-party business, the Sipp and Wrap products, seems to be building quite nicely. The rest of the story has been pretty well trailed.&rdquo;<br /><br /><strong>JUSTIN URQUHART-STEWART </strong> SEVEN INVESTMENT MANAGEMENTTRYX<br />&ldquo;Standard Life is very well positioned for the long term. Over the next few years people will be saving more and the business is very well positioned to benefit from this. But in the short term they&rsquo;re hurting, and still remain a potential takeover target from overseas investors.&rdquo;