Fewer people want abrdn to handle their money as outflows persist
Last updated: 14:51 24 Oct 2024 BST, First published: 08:51 24 Oct 2024 BST
Shares inAbrdn PLC (LSE:ABDN) fell almost 10% as the asset manager's lukewarm 2024 performance continued in the third quarter, with net outflows across all segments totalling £3.1 billion.
FTSE 250-listed abrdn’s net outflows in its core investments division hit £3.5 billion, while the advisor segment saw outflows of £1 billion.
Inflows into abrdn’s retail investment platform interactive investor partially offset this.
Abrdn vowed to address these issues, with chief executive Jason Windsor stating: "We have strong, scale positions in attractive markets, and each of our businesses has headroom to grow. Our priorities remain to transform performance, improve the client experience, and strengthen our talent and culture.
"We have plans in place to address our challenges and our transformation programme is on track.
“While there remains much to do, I am confident that we have great talent and we can make further progress towards profitable and sustainable long-term growth, benefiting our shareholders, clients, and colleagues."
Abrdn is seeking up to £60 million in cost savings this financial year and at least £150 million by the end of the 2025 financial year.
Shares plummeted more than 7.5% in light of today’s results.
