Income at Abrdn dropped by nearly a fifth final yr as the tip of the greater than decade-long bull market deepened the challenges dealing with the UK asset supervisor.
Led by former Citigroup govt Stephen Chook, Abrdn suffered web outflows of £10.3bn final yr, largely from its equities companies. Property below administration fell by 8 per cent to £500bn.
Chook stated 2022 was “one of many hardest investing years in residing reminiscence”, noting that the “enterprise is constant to simplify and cut back prices”.
Because of this, working revenue on the firm fell to £263mn final yr, down 19 per cent from 2021. The autumn was pushed by a decline in funding revenues, though the squeeze on income was smaller than analysts anticipated.
Abrdn final yr acquired Interactive Investor for £1.5bn, which Chook stated had boosted its presence within the UK financial savings and wealth market. Interactive Investor reported web income of £176mn, up almost 40 per cent, and doubled working revenue to £94mn.
Chook restructured the enterprise, merging or closing 58 funds and appointing Peter Branner as chief funding officer.
The corporate additionally stated that it was seeking to promote its discretionary fund administration arm and that it was contemplating additional small acquisitions.
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