Active asset management is a besieged business. The interminably shape-changing Abrdn has stepped up efforts to fortify itself against the march of passive rivals, whipsawing markets and a weighty cost base and shareholders have rewarded the FTSE 100 group with a 45 per cent appreciation in the share price over the past six months, in hope that the £1.5 billion acquisition of Interactive Investor, the investment platform, and efforts to drive down costs might turn around a spotty track record.
Progress has been mixed. The investment management division still accounts for 75 per cent of assets under management and more than 40 per cent of adjusted profit, even after earnings halved last year. It continues to offset a steelier performance from the savings and wealth
