Finance
Abrdn Shares Tumble After £3.1 Billion in Quarterly Outflows
- Update is a ‘step back’ in performance turnaround, RBC says
- Money manager named Jason Windsor as its new CEO in September
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Abrdn Plc shares plunged the most in 14 months after clients pulled money from its equities funds last quarter, leading to outflows that underscored the challenging task the firm’s new chief executive officer is facing.
Investors pulled a net £3.1 billion ($4 billion) from Abrdn’s funds in the three months to Sept. 30, the firm said in a statement Thursday. The outflows were mainly due to redemptions from its equities funds, while fixed-income also saw about £800 million of outflows which were “largely driven by a single mandate redemption.”