Standard Life Investments saw wholesale net outflows of £400m in H1 due to “a challenging environment” for mutual funds.
In its half year results, published today, the firm said gross redemptions in the wholesale business were £6.9bn almost doubling from £3.6bn outflows in the same period last year.
Its AUM for the wholesale division now stands at £47.3bn.
The multi-asset business saw the highest gross redemptions at £5.9bn compared to £3.3bn year on year.
Overall, assets under management increased by 6 per cent to £269bn, helped by net inflows across wholesale and institutional channels of £1.6bn.
However, the firm’s net institutional assets saw inflows of £2bn bringing assets up to £78.1bn.
Standard Life chief executive Keith Skeoch says: “Standard Life continues to make good progress towards building a world-class investment company, against a backdrop of volatile investment markets, by growing assets, profits, cash flows and returns to shareholders.
“Despite elevated uncertainty we are benefiting from our strong long-term relationships with a broad range of clients and customers who reacted in different ways to the changing market environment.”
Elsewhere, Standard Life UK Pensions and Savings saw profits before tax growing 7 per cent to £151m in the first half of 2016 from £141m a year ago.
The group said assets under administration in the division grew by 6 per cent to £139.2m from £131.6m in the same period in 2015.
Net inflows in the wrap platform also increased to £2.1bn with assets under administration up 20 per cent to £28bn year on year.
Overall, assets under administration for the group were up 7 per cent to £328bn from £307.4m for the whole 2015, helped by gross inflows of £20.6bn and net inflows of £4.1bn.
Standard Life chief executive UK & Europe Paul Matthews says: “Our UK Pensions and Savings business continues to deliver for customers through our leading savings and investment solutions.
“Wrap, our market-leading adviser platform, celebrates its tenth anniversary this year and continues to see strong demand from financial advisers with assets now £28bn. Our agreement to acquire the Elevate platform will further strengthen our position in the adviser market.”