AS the likelihood of a hard Brexit appears to grow by the day, investors in Standard Life Aberdeen may be encouraged to hear co-chief executive Keith Skeoch say the institution is well prepared for such an outcome. But that does not mean everything in the garden is rosy at the Edinburgh-based investment powerhouse.

The half-year results announced by Standard Life Aberdeen yesterday revealed further net outflows from its funds, including from its flagship GARS (Global Absolute Return Strategies) product.

Speaking to The Herald, Mr Skeoch was bullish about the new business won by the company during the first half, with gross inflows rising to £38 billion from £36bn in the second half of 2017. This new business represents a bright future for the business, he said, while expressing confidence that the “volatility dampening” GARS will come good again in the long run.

Analysts, however, sounded alarm over the level of outflows at the company, which were recorded at £16.6bn for the first half. Laith Khalaf of Hargreaves Lansdown said continuing outflows are “testing the rationale” of last year’s £11bn union of Standard Life and Aberdeen Asset Management, which was aimed at delivering greater scale to the combined business, as well as enhancing its ability to take on cheaper, index-tracking funds.

With the share price languishing around 20 per cent lower than it was before the merger was announced in March last year, it would seem there are some who have still to be convinced of the merits of the deal.