Standard Life Aberdeen haemorrhaged almost £60bn last year, as investors continued to pull money from its flagship funds, leading to a double-digit drop in profits for the Edinburgh-based asset manager.

The company suffered net outflows of £58.4bn in 2019, up from £40.9bn the previous year, the company reported in its full-year results on 10 March. A significant chunk of the outflows were due to the firm’s loss of a contract with Lloyds Banking Group; the UK bank withdrew an initial £41bn from SLA during the year.