Only drastic measures seem capable of reviving the flagging asset manager Abrdn. In the past eight years since the merger that created the now-disemvoweled group, it has lost cash more frequently than it has recorded net inflows — even after accounting for the mammoth loss of the mandate with Lloyds Banking Group.
Despite worthy efforts to diversify its income stream, its investment management business is still the dominant force. Adjusted operating profit was 10 per cent higher over the first six months’ contribution of the year, but that was only after the inclusion of a full six months of Interactive Investor. Another £6.5 billion in cash was pulled from its funds, which left total net outflows for the group at £5.2 billion, twice the
