Aviva Investors reported an increase of £15.4bn, or 4.66%, in assets under management in H1 2019, thanks to "favourable market and foreign exchange movements" and despite net outflows.
The firm said it saw net outflows during the six months to 30 June of £5.5bn, while £3.2bn of assets were transferred to an external manager. However, this was offset by a £24.1bn boost as markets climbed higher in the period.
Aviva's total assets under management and administration at 30 June were £379.7bn, it said, up from £359.8bn at the same time last year.
Meanwhile, Aviva Investors saw its operating profit decline by almost a fifth to £62m, from £76m, due to a reduction in fee income thanks to the disposal of businesses in 2018.
Overall, the business saw operating profit edge up by 1%, to £1.45bn, with CEO Maurice Tulloch noting it has "strong foundations to build upon, but there is much to do to improve our performance", which was described as "mixed".
This article was first published on InvestmentEurope's sister site Investment Week.