The company said fee-based revenue in the first half to 30 June fell from £815m (H1 2019) to £706m – a drop of £109m.
The decline reflected 2019 outflows, clients changing asset mix and Lloyds Banking Group (LBG) withdrawing £25bn managed by SLA.
Pre-tax profit for the half year was £195m (H1 2019: £280m), down 30%.
There was little information about SLA’s 1825 Financial Planning arm, however revenue from 1825 is now included in fee revenue figures. Fee revenue, including 1825 and other fee income, fell from £803m to £687m. 1825 has £4bn in Assets Under Advice.
SLA made an IFRS loss before tax of £498m (H1 2019: £629m profit).
The company said Covid-19 had hit H1 2020 results by reducing fee-based revenue but it was maintaining its interim dividend at 7.3p.
Keith Skeoch, outgoing chief executive, called the results “resilient” in the face of exceptional circumstances.
He said: "Despite exceptional circumstances we have delivered a resilient performance. In the first half of 2020 redemptions have slowed and net inflows have improved, excluding expected LBG (Lloyds Banking Group) withdrawals. Investment performance has been robust and we continue to deliver on our synergy commitments.
“There is no question that the impact of Covid-19 has played a role on our results today, and across our industry, particularly in relation to lower revenue. Our foundations are firm, we have a strong balance sheet which enables us to both invest in our business and maintain our interim dividend of 7.3p.”
In terms of Coronavirus response the company said that over 95% of staff were now working from home around the world. The company did not take part in any UK government support schemes and no staff were furloughed or made redundant.