Investors pulled billions from Abrdn’s funds in the last quarter, although inflows into its Interactive Investor do-it-yourself (DIY) investing platform helped offset some of the losses.
However, virtually all of this growth came from its Interactive Investor platform. Assets on the platform rose from £66bn at the end of 2023 to £74.5bn at the end of September.
“I’m pleased with the continued growth in Interactive Investor; meanwhile, there are challenges to overcome in adviser, where we aim to return to being the platform of choice for clients,” said Abrdn chief executive Jason Windsor.
“In investments, we need to do more to capitalise on our strengths and improve performance and flows, particularly in equities.”
Abrdn purchased Interactive Investor in 2022 for £1.5bn.
In the last quarter, customer growth continued with total customer numbers reaching 430,000, a six per cent increase since the start of the year.
The number of customers using a self-invested personal pension jumped 22 per cent to 76,000.
Abrdn said its cost-cutting programme, announced at the start of this year, remains on track, with £60m set to be saved in the business by the end of the year.
“We have plans in place to address our challenges and our transformation programme is on track,” said Windsor.
Jason Windsor said: “While there remains much to do, I am confident that we have great talent and we can make further progress towards profitable and sustainable long-term growth, benefiting our shareholders, clients, and colleagues.”