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."
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