UK's Aberdeen reports nearly $7 billion of outflows in first quarter
April 30 (Reuters) - British fund manager Aberdeen (ABDN.L), opens new tab posted first-quarter net outflows of 5.2 billion pounds ($6.96 billion), after just one quarter of net inflows, weighed down by weak markets and a big redemption in its investments division.
The fund manager, which added back dropped vowels to its name in March after a widely-mocked rebrand to ' abrdn ' in 2021, is trying to bolster its finances under CEO Jason Windsor's strategy revamp, after years of tough trading conditions.
Aberdeen's interactive investor division saw a 9% year-on-year increase in customers and offset its quarterly outflows with 1.6 billion pounds of inflows, it said on Wednesday.
The fund manager said its assets under management and administration decreased to 500.1 billion pounds from the 511.4 billion pounds at the end of December. ($1 = 0.7473 pounds)
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