abrdn swings back into profit as investor redemptions slow

CEO search continues

abrdn is back in the black after recording better than expected profits and an improved flows picture in the first half of the year, as the search for a new chief executive officer continues.

In its half-year results published today (6 August), the FTSE 250 asset manager reported adjusted pre-tax profits of £187m, ahead of analyst consensus of £162m. This compares to a £169m pre-tax loss reported in the same period last year. Total net outflows slowed from £4.4bn a year earlier to £1.6bn. Including liquidity products, the firm returned to positive territory with £800m net inflows, compared to £5.2bn net outflows in the first half of last year. abrdn: The journey from Europe's second-largest fund manager to the FTSE 250 abrdn's investments arm suffered £3.4bn net outflow...