Fund manager Abrdn today reported a strong start to the year, creating momentum for its growth ambitions.
Fee based revenue 7% higher and adjusted operating profit 52% higher than prior year which are the highest rates of growth since merger.
Net outflows reduced to £5.6bn, including liquidity net outflows of £3.7bn. Excluding liquidity flows, which are volatile, net outflows were £1.9bn representing a significant improvement over prior periods and less than 10% of outflows at the low point in H2 2018.
Consequently the impact on revenue from net outflows (excluding LBG) is less than 0.5% compared with 3% in H1 2020.
Stephen Bird, who took over as chief executive last year, said: “Our strategy is about focusing on client needs. The improved flows into our strategically-important products and services show that we are answering client demand. The majority of the outflows that we are seeing are lower margin.”