Standard Life Aberdeen (SLA) enhanced its focus on private wealth in 2019 as its fund management business suffered.

Assets under management and administration in the wealth business segment more than doubled via acquisitions and organic inflows.

The investment manager’s wealth business managed or administrated £23.4 billion at the end of 2019, a 115 percent increase on the £10.9 billion under management a year earlier.

This growth comprised net inflows of £4.7 billion (2018: £0.4 billion) – £3.5 billion of which came from a joint venture with Virgin Money – as well as a series of acquisitions.