abrdn reports 8% drop in AUM throughout 'one of the toughest years in living memory'

Net outflows of £13.4bn

abrdn has reported assets under management fell 8% throughout, in what the firm's chief executive called “one of the toughest investing years in living memory”.

The asset manager ended the year with overall assets under management and administration of £500bn, down from £542bn in 2021. For abrdn's investment arm, sector-wide impacts affected flows with net outflows of £13.4bn, compared to £7.6bn in 2021, excluding Lloyds Banking Group and liquidity. Assets under management for the investment business sat at £376bn, down from £464bn in 2021, a drop of 19% that reflected lower markets and the final withdrawal of its mandate from Lloyds. The group's adjusted operating profit of £263m fell 19% compared to 2021, dragged down by the investment a...