Abrdn, the FTSE 100-listed asset manager, posted a loss of £320m in the first six months of the year, after a brutal period that saw it bleed almost £36bn of assets .
The Edinburgh-based company posted a 28% fall in adjusted operating profit to £115m in the first six months of the year, down from £160m in the same period in 2021.
Revenue of £696m was down 8% year-on-year.
Profits and revenue were lower than expected, with analysts forecasting £130m and £714m respectively.
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Abrdn said global outflows of £35.9bn were largely the result of the withdrawal of a final £24.4bn tranche of a more than £100bn mandate it previously executed on behalf of Lloyds Banking Group. The bank withdrew the mandate following the merger between Aberdeen Asset Management and Standard Life in 2017.
As a result, assets under management took a hit, to £508bn for the group, compared to £542bn at the end of 2021.
“The group’s half-year results largely reflect the challenging global economic environment and market turbulence,” said Abrdn chief executive Stephen Bird.
Asset managers in general have suffered as a result of the tough economic environment.
BlackRock reported a 30% drop in profits in the first six months of the year, while Jupiter saw year-on-year profits plummet more than 60%.
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