Standard Life Aberdeen said adjusted profit before tax declined almost 10% to £280 million in the first half of the year.

Net outflows reduced to £15.9 billion.

The group said it had achieved £234 million of its £350 million annual cost savings target.

Assets under management and administration were up 5% to £577.5 billion.

The firm also said it had retained £35 billion of Lloyds Banking Group assets following its dispute with the bank.

Shares in Standard Life Aberdeen were down 4% in early trading on Wednesday.

Chief executive Keith Skeoch said: "With a strong balance sheet, our drive for efficiency and ability to invest in innovation, technology and our people, we are well placed to deliver value and sustainable returns for our shareholders."