City Of London
Abrdn Assets Drop to Record Low As Outflows Continued in Autumn
- “One of toughest investing years in living memory,” says CEO
- Assets fall to £500 billion, lowest since 2017 merger
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Abrdn Plc suffered more outflows in the second half of 2022 as torrid market conditions took a toll on the asset manager, shrinking its assets to a record low.
Against a backdrop described by CEO Stephen Bird as “one of the toughest investing years in living memory,” Abrdn saw more clients withdraw their money, but pointed to progress in the wealth and savings market following its £1.5 billion acquisition last year of the Interactive Investor platform.