Standard Life Aberdeen has said the coronavirus pandemic has had only a modest impact on business and estimated total assets of nearly £500bn at the end of April.
Estimated assets under management and administration (AUMA) was £490bn, with estimated net outflows in the first four months of the year of £24bn.
Excluding around £25bn linked to the withdrawal of a large mandate by Lloyds Banking Group, Standard Life said it had estimated net inflows of £1bn.
The firm said that while it is making progress on its cost-cutting targets, the “external environment may impact the phasing of some of our activities over this year.”
Standard Life Aberdeen added that it enters this period with a strong balance sheet, helped by the sale of some of its HDFC Life shares in March for net cash proceeds of £237m. The firm will still pay its final dividend for 2019.
Chief executive Keith Skeoch said: “We also know that the market turmoil has had a negative impact on the value of many businesses and is constraining their ability to operate normally.
“As an active and long-term investor we are fully committed to providing support, where appropriate, to the companies we invest in.”
The statement came ahead of the firm’s AGM today, which will see financial services veteran Martin Gilbert step down as vice-chair.
His departure comes less than two years after he oversaw the £11bn merger between Aberdeen Asset Management and Standard Life Investments to create one of Europe’s largest ever funds.
Shares climbed 3.49 per cent to 222.5p in early trading.