Latest news with #JasonWindsor
Reuters
30-07-2025
- Business
- Reuters
Aberdeen profit beats forecasts, flags margin pressure ahead
LONDON, July 30 (Reuters) - British money manager Aberdeen (ABDN.L), opens new tab reported a forecast-beating first-half profit on Wednesday, but flagged that price cuts at its adviser arm designed to compete with lower-fee rivals would eat into its margins. Aberdeen, which rebranded from its widely-mocked truncated name "abrdn" earlier this year, reported outflows of client cash over the period of 900 million pounds ($1.2 billion), although the figure was narrower than expected. Analysts said Aberdeen's lower costs and an improvement in its investment returns could lead to performance forecast upgrades, but that expected lowered margins at its adviser unit were a weak point. Shares in the company were broadly flat in early trading, but they remain up around 40% over the year-to-date as investors have warmed to CEO Jason Windsor's turnaround plan focused on trimming costs and sharpening its wealth credentials. European active fund managers have been squeezed in recent years by competition from low-fee index-tracker products offered by the likes of U.S. giants BlackRock and Vanguard, eating into their market share. Windsor told reporters that the fund industry was still facing margin pressures, but that this had stabilised in some markets and there were still areas to grow. Its Interactive investor unit reported record net inflows for the period of 4 billion pounds, as consumers continued to show appetite for buying stocks and bonds despite volatile markets in part fueled by U.S. trade policy under President Donald Trump. The first-half outflow compared with 800 million pounds of net inflows in the same period the prior year, although the numbers were skewed by a swing in flows away from low-fee cash funds. The fund manager said assets under management were 517.6 billion pounds, slightly ahead of forecasts, while it also reported an adjusted operating profit of 125 million pounds, beating forecasts but down 2% on the prior year. It said it would pay an unchanged interim dividend of 7.3 pence per share. ($1 = 0.7488 pounds)
Scotsman
30-07-2025
- Business
- Scotsman
Aberdeen Group chief hails ‘good progress' with Scottish fund firm's turnaround
'There is clear growth potential across all three of our businesses and we remain focused on delivering against our 2026 targets' – Jason Windsor Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Aberdeen's boss said the Scottish funds giant was making 'good progress' as it looks to become 'the UK's leading wealth and investments group' after unveiling broadly flat first-half profits. Chief executive Jason Windsor told investors that there was 'clear growth potential' across all three of the Edinburgh-headquartered group's businesses. Advertisement Hide Ad Advertisement Hide Ad The results for the first six months of 2025 showed that group adjusted operating profit was 'resilient' at £125 million, down slightly on the £128m reported a year earlier. The interim dividend was maintained at 7.3p. Jason Windsor is Aberdeen Group's chief executive. The group, which ditched its derided Abrdn brand name earlier this year, said its 'transformation programme' had achieved £137m of savings by the end of the first half, and was on-track to deliver on a target of at least £150m of annualised cost savings by the end of 2025, the majority of which will benefit the Investments business. At Interactive Investor, which was bought by Aberdeen for £1.5 billion in late 2021, there were record net inflows and a 25 per cent increase in profit in the first half. Windsor said: 'In the first six months of 2025 we have made good progress against our strategic ambition to become the UK's leading wealth and investments group. Our financial performance reflects our transition to achieving our growth and efficiency targets. Advertisement Hide Ad Advertisement Hide Ad 'Interactive Investor continues to go from strength to strength, delivering sustained growth in customers and profit with record net inflows. Our decision to reprice in Adviser had the expected impact on profitability. With [second quarter] net flows at their best level for over two years and much improved service and sales performance, the foundations are in place to return Adviser to growth. "In Investments we have made further progress in improving efficiency, which has kept profits stable as we reposition the business towards our strengths in credit, specialist equities and real assets. 'Looking ahead, there is clear growth potential across all three of our businesses and we remain focused on delivering against our 2026 targets.'
The Herald Scotland
06-06-2025
- Automotive
- The Herald Scotland
Client exodus leads Scottish business headlines in May
The decline was driven in large part by the loss of a £4.2bn investment mandate from its biggest client, Phoenix. However, the gap has since been filled by a £6bn quantitative strategy funding win in April, taking institutional inflows into positive territory for the year to date. "Our strategy is to become the UK's leading wealth business and to reposition our investments business to areas of strength and market growth," chief executive Jason Windsor said. "So far this year, we have made good progress against these objectives, despite the current heightened levels of market uncertainty." This news was quickly followed by the announcement that Scottish oil and gas group Parkmead had closed the sale of its of its UK oil assets in the North Sea. Serica Energy handed over an immediate cash payment of £7.3 million, with additional payments potentially bringing the total to £134.3m. The disposal will allow Parkmead to focus on its onshore natural gas and renewable energy projects. Two contingent payments are linked to Parkmead's 50% stakes in Skerryvore and Fynn Beauly, and are payable upon receipt by Serica of approval by the North Sea Transition Authority for any field development plans relating to those projects. This will be calculated at £0.8/bbl of reserves, up to a cap of £30m in relation to Skerryvore and £90m in relation to Fynn Beauly. In an interview with The Herald, the owners of glass and window installation specialist Andrew Wright in Irvine revealed that the firm is on course to break through the £10m turnover barrier this year after taking over the business in 2023. A major employer in North Ayrshire, Andrew Wright currently has 72 members of staff and has been hiring further of late. The company is also looking for a suitable location nearby to build a new purpose-built factory. Higher revenue and profit from auto servicing, parts and repairs helped Vertu partially offset what it declared to be 'the lowest new retail car market for 25 years'. The listed dealer group - which earlier this year changed the name of its Macklin Motors outlets in Scotland to that of Vertu - reported a modest 1.7% rise in turnover to £4.8bn during the year to the end of February, with acquisitions accounting for £124m of the increase. However, pre-tax profit was 15.8% down on the previous period at £29.3m due to the impact of zero emission mandates and consumer caution amid a weak economy. Industry data shows that overall UK car registrations grew 1.2% during the 12 months to February 28, but this was driven entirely by lower-margin fleet sales which represented almost 60% of all new vehicle registrations. Registrations in the more profitable UK private market channel declined by 7.4%, with retail registrations lower than during the pandemic. And finally, a Scottish advisor has launched his own business in a bid to shake up what he has described as a 'complacent' insurance sector. Having resigned from global broker Lockton in October, Scott McLuskey has set up Monteith Corporate Risk with the aim of raising service standards and restoring transparency to the £95bn industry. Operating from offices in Glasgow and London, he says the firm will write £1m in premiums within its first three months of trading.
The Independent
30-04-2025
- Business
- The Independent
Aberdeen assets contract as clients withdraw more than £5bn
Finance giant Aberdeen saw its assets shrink over the latest quarter as clients withdrew more than £5 billion amid volatile conditions in global financial markets. Shares in the company still made gains on Wednesday morning despite the reduction in assets. The asset management firm, which added vowels back to rebrand from Abrdn last month, revealed total assets under management of £500.1 billion for the quarter to March 31. It said this dropped from £511.4 billion over the past three months, as it was impacted by a net outflow of £5.2 billion. The company has come under pressure in recent months amid increased client outflow and has sought to reduce costs with rounds of job cuts. However, the firm highlighted improvement in its Interactive Investor (ii) platform business, which reported a net inflow of £1.6 billion for the quarter as it benefited from market volatility driving trading activity. Jason Windsor, chief executive of Aberdeen, said: 'Our strategy is to become the UK's leading wealth business and to reposition our investments business to areas of strength and market growth. 'So far this year, we have made good progress against these objectives, despite the current heightened levels of market uncertainty. 'Interactive investor has seen significant growth in new customers, and in trading volumes, which have risen to record levels during the recent period of market volatility.' Rae Maile, research analyst at Panmure Liberum, said: 'The company has delivered assets under management in line with our estimates but with some significant signs of promise for the future: activity levels at ii have been strong and customer acquisition has continued; adviser net outflows have slowed usefully on reduced redemptions; investments saw outflows as anticipated but has landed a material new mandate in April. 'The company has also reiterated its profit ambitions for full-year 2026, which remain ahead of our estimates, despite recent market volatility.' Shares moved 1.4% higher as a result.
Daily Mail
30-04-2025
- Business
- Daily Mail
Aberdeen suffers £5.2bn in outflows as volatility hits markets
Aberdeen suffered £5.2billion in net outflows in the first quarter, as the FTSE 100 fund manager was hit by weak markets and a big redemption in its investments division. The asset manager, which resestablished its vowels in another rebrand last month, is currently undergoing a strategy revamp led by boss Jason Windsor after years of tough trading conditions. It told investors it remained committed to its financial year 2026 targets, despite mixed flows in the first quarter of this year. The large outflow at the start of the year is understood to primarily reflected a previously guided £4.2billion redemption by its biggest client Phoenix. Abrdn continues to aim for an adjusted operating profit above £300million and net capital generation of around £300million. The fund manager said its assets under management reduced to £500.1billion at the end of March, from the £511.4billion at the end of 2024. The group's assets under management and administration slipped to £500.1billion, reflecting market weakness and a large previously flagged redemption, but strong growth at Interactive Investor helped offset some of the drag. Aberdeen saw £1.6billion in net inflows and a 9 per cent year-on-year increase in customers to 450,000, including a 29 per cent surge in higher-value SIPP accounts. Adviser outflows of £600million were the lowest in over a year as service levels improved. The group's investments arm saw £6.4billion in outflows, largely due to a £4.2billion low-margin mandate redemption. Aberdeen said it picked up a £6billion pound quantitative strategies mandate this month after the quarter ended. Boss Jason Windsor said market volatility since Donald Trump's announcement of trade tariffs on 2 April had led to record trading volumes at interactive investor, but had not otherwise had a big impact on the business so far. 'We're a long-term player with a long-term focus, and despite the new uncertainty created in recent weeks, we've made good progress towards our objectives,' Windsor said. Windsor has reportedly begun cutting costs at Aberdeen and shedding under-performing businesses, but downplayed the possibility of a wider restructure involving the hiving off of its asset management division to focus on wealth. 'There is no effort or energy going in in that regard at all. We're very happy with the configuration of the group,' Windsor said on Wednesday. In March, the asset manager announced a rebrand to Aberdeen, having been previously called Abrdn. The group said the rebrand was a 'pragmatic' decision required to 'remove distractions.'
