Listed asset manager Standard Life Aberdeen recorded pre-tax profits of £280 million for the first six months to June 30, nearly 10 percent less than last year’s figure.

The drop in profits comes despite the firm seeing less outflows from its products and a five percent increase in assets under management.

During the reporting period, investors took £15.9 billion from the firm’s products, an improvement compared to the £24 billion in redemptions made on a year-on-year basis.

AuM increased to £557.5 billion from £551.5 billion at the end of 2018 mainly due to market gains which countered investor outflows.

Sole chief executive Keith Skeoch, who no longer shares his role with Martin Gilbert (pictured), said: “"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.

“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.”

Standard Life Aberdeen was created by the 2017 merger of Standard Life and Aberdeen Asset Management although has been plagued by large investor outflows for some time.