Asset management giant Standard Life Aberdeen today warned the economy could be scarred and that Brexit remains a deep uncertainty.<\/p>\n
The City stalwart said that coronavirus could cause a long term loss of output, labour market scarring and lower real interest rates. <\/p>\n
The company said: \"The COVID-19 pandemic and associated shutdowns of economic activity have precipitated significant negative growth shocks across the world. However, the contraction phase of the crisis has also been comparatively short-lived and we anticipate an element of recovery as restrictions are lifted.<\/p>\n
\"Nevertheless, the long-term consequences of the crisis will be profound, including a longer-term loss of output, labour market scarring, lower real interest rates, and an altered balance between monetary and fiscal policy. In addition, the Brexit process remains in transition and remains a further source of uncertainty.\"<\/p>\n
Despite the warnings the company maintained its half year dividend.<\/p>\n
The company will pay out a dividend of 7.3p, the same as this time last year. It is one of few FTSE 100 companies to have not slashed or canned its dividend payout due to coronavirus.<\/p>\n
Over the first six months this year the company's fee revenue took a hit. Revenue came in at 706 million, down from 815 million in the same period 2019.<\/p>\n
The firm remained active during lockdown and said that despite remote working it still managed to launch 18 new funds during the period. <\/p>\n
Assets under management also fell over the period from 544.6 billion to 511.8 billion. <\/p>\n
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Standard Life Aberdeen warns on Brexit and says the economy could be scarred by coronavirus - Evening Standard<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Asset management giant Standard Life Aberdeen today warned the economy could be scarred and that Brexit remains a deep uncertainty. The City stalwart said that coronavirus could cause a long term loss of output, labour market scarring and lower real interest rates. The company said: \"The COVID-19 pandemic and associated shutdowns of economic activity have precipitated significant negative growth shocks across the world. Continue reading