Aberdeen Standard Capital (ASC) – the private client investment business of Standard Life Aberdeen – saw profits decline in its most recent full-year results, as clients shifted money into lower-margin products, the firm said.

This was despite a boost in its assets under management, up 24.1 percent over the course of 2019 from £5.8 billion to £7.15 billion – mostly a result of a merger with another of its parent’s companies, Aberdeen Private Wealth Manag...