Shares in Standard Life Aberdeen (LON:SLA) have climbed into positive territory in today’s session as the company posted a rise in assets under administration. The update comes with the company set to hold its annual general meeting in Edinburgh later today.
As of 09:34 BST, Standard Life Aberdeen’s share price had added 0.74 percent to 259.90p, largely in line with gains in the broader London market, with the benchmark FTSE 100 index currently standing 0.70 percent higher at 7,213.72 points. The group’s shares have given up more than 38 percent of their value over the past year, as compared with about a 6.4-percent dip in the Footsie.
SLA posts first-quarter update
Standard Life Aberdeen announced in a statement this morning that its assets under management and administration (AUMA) had increased by three percent to £568.9 billion as at March 31, compared with the previous quarter. The company explained that the AUMA was helped by positive market movements that were partly offset by the strength of sterling. The group said that its gross inflows were boosted by £3.5 billion of assets from Virgin Money, while net outflows continued to be concentrated in a small number of strategies.
The update comes after Standard Life Aberdeen recently won a legal battle against Lloyds, which had been looking to terminate a £100-billion investment management contract early.
Analysts on blue-chip group
The 15 analysts offering 12-month targets for the Standard Life Aberdeen share price for the Financial Times have a median target of 319.00p on the shares, with a high estimate of 480.00p and a low estimate of 215.00p. As of May 10, the consensus forecast amongst 16 polled investment analysts covering the blue-chip group has it that the company will outperform the market.
Numis reaffirmed Standard Life Aberdeen as a ‘buy’ last week arguing that the group’s investors are ‘well paid’ to wait for future catalysts.