Profits drop 62% across abrdn investment arm as performance slides further

Three-year outperformance dwindles

Adjusted operating profits fell 62% to £50m across abrdn’s investment arm, despite cost reductions of £102m over full-year 2023.

A 17% reduction in revenues contributed to this drop, along with a considerable drop in investment performance, which weakened to 42% of assets under management performing above benchmark on a three-year basis, down from 65% in 2022, according to the firm's full year results. Net outflows tempered on the previous year but still represented 4% of opening AUM, with £19bn exiting the investment business, compared with £41bn in 2022. abrdn takes 60% haircut on Virgin Money stake as bank assumes full ownership of investment venture Over the coming year, abrdn intends to achieve further ...