Latest news with #JasonWindsor
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.'
Scotsman
30-04-2025
- Business
- Scotsman
Aberdeen Group sticks to guns despite tariff turmoil as Interactive Investor blossoms: shares rise
'Our strategy is to become the UK's leading wealth business and to reposition our investments business to areas of strength and market growth' – Jason Windsor, CEO 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 Group has suffered fallout from the recent market turmoil but strong growth at its Interactive Investor business has helped offset some of the drag. The Scottish funds giant, which recently ditched its derided Abrdn brand name, said it was fully committed to its targets for the 2026 financial year. That came despite assets under management and administration (AUMA) dipping to £500.1 billion in the first quarter, from £511.4bn at the tail end of last year, reflecting global stock market weakness and a previously flagged redemption. Advertisement Hide Ad Advertisement Hide Ad However, the group's latest trading update also highlighted strong organic growth at Interactive Investor, which was bought by Aberdeen for £1.5 billion in late 2021, with year-on-year increases in total customers of 9 per cent to 450,000 and a 29 per cent rise in self-invested personal pension (SIPP) clients to 88,000. The Interactive Investor business appears to have benefited from recent national advertising and marketing activity. There were strong inflows of £1.6bn at the platform during the quarter. A sign at Abrdn's offices in Edinburgh's South Gyle area. The Scottish investment group is undergoing a rebrand from Abrdn to Aberdeen Group. Picture: Scott Reid Adviser net outflows of £600 million were the lowest in more than a year as service levels improved. The previously highlighted £4.2bn redemption from a low-margin mandate was the main driver of net outflows of £6.4bn in the investments division. Aberdeen said it remained committed to its 2026 targets of adjusted operating profit above £300m and net capital generation of around £300m. Chief executive Jason Windsor 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. Advertisement Hide Ad Advertisement Hide Ad '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. Jason Windsor is Aberdeen Group's chief executive. 'In adviser, net outflows improved in [the first quarter], and while there remains work to be done, we are encouraged by the business's progress, most notably in meeting or exceeding client service targets. 'In Investments, [first quarter] flows were impacted by the large redemption we noted at our full year results. We saw good inflows in fixed income in the quarter, but outflows in equities remained elevated. 'A major quant win in April has taken [investments] net flows to positive in the year to date. With clear strategic priorities and an ongoing focus on efficiency, we continue to target a material uplift in profitability,' he added. Advertisement Hide Ad Advertisement Hide Ad Shares nudged higher in Wednesday morning trading in London. Analysts at Panmure Liberum noted: '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 Interactive Investor have been strong and customer acquisition has continued. Adviser net outflows have slowed usefully on reduced redemptions. The investments [division] saw outflows as anticipated but has landed a material new mandate in April. 'The company has also reiterated its profit ambitions for [the 2026 financial year], which remain ahead of our estimates, despite recent market volatility. Improving business momentum underpins why we believe the shares to be materially undervalued.' Advertisement Hide Ad Advertisement Hide Ad In March, the group announced that it was ditching the Abrdn name to become Aberdeen as it posted the first increase in annual profit for three years. Former chief executive Stephen Bird, who stepped down in May 2024, led the change from Standard Life Aberdeen to Abrdn in 2021. However, announcing its 2024 full-year results, the Edinburgh-headquartered group said it would be changing its name to Aberdeen Group plc. Windsor told investors: 'This is a group to be proud of, with a promising future. We will deliver by looking forward with confidence and removing distractions. To that end, we are changing our name to Aberdeen Group. This is a pragmatic decision marking a new phase for the organisation, as we focus on delivering for our customers, people and shareholders.' In 2021, the group said it planned to create new branding after the funds firm sealed a deal to sell the 196-year-old Standard Life brand to Phoenix Group. Insurer Phoenix Group had acquired Standard Life Assurance in 2018. Advertisement Hide Ad Advertisement Hide Ad At the time, former boss Bird said: 'Our new brand Abrdn builds on our heritage and is modern, dynamic and, most importantly, engaging for all of our client and customer channels.' The results for 2024 revealed a full-year profit before tax of £251m, compared with a loss of £6m in 2023. Adjusted operating profit came in at £255m, up 2 per cent on the year before. At its investment arm, total assets under management and administration rose by 3 per cent to £511.4bn. Windsor said: 'The group grew profit in 2024 for the first time in three years, with each business increasing its contribution. As our momentum shifts to growth, we have a clear focus on improving client experience and shareholder returns. 'We have strengthened and streamlined our senior leadership team and, with our sharper focus, we are committing to better results again in 2025 and 2026. Alongside our results, we are setting out our strategy to become a leading wealth and investments group, with new 2026 targets that underline the potential for the profitable growth we see in all of our businesses.' Advertisement Hide Ad Advertisement Hide Ad
Reuters
30-04-2025
- Business
- Reuters
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)
BBC News
04-03-2025
- Business
- BBC News
Abrdn adds back vowels after widely mocked rebrand
Investment firm Abrdn will add the vowels back into its name after dropping them in a rebrand that was widely mocked. The firm said it will now be called aberdeen group, with no capital letter at the start. In the past it has been Aberdeen Standard Life and Aberdeen Asset Management. Its rebrand to Abrdn in 2021 was largely derided, with some saying it seemed like a typo, and others joking the firm had "irritable vowel syndrome". The company said the mockery amounted to "corporate bullying". Chief executive Jason Windsor said the latest name change would remove "distractions". "This is a pragmatic decision marking a new phase for the organisation," said chief executive Jason Windsor, as he revealed a strategy revamp. However, some people commented that while the company had found its vowels, it still hadn't found its capital letters. 'Lv Abrdn aln' The firm has faced a barrage of mockery over the last four years since rebranding to Abrdn under previous boss Stephen Bird. It attracted reaction on social media with one user posting a mock-up of word game Countdown. The letters ABRDN are shown on the letter board behind presenter Rachel Riley, with the words "another consonant please Rachel..." A new version of the image was posted on Tuesday with one user joking that reinstating the vowels was responsible for the firm's share price rising. When a senior executive said in 2024 that mockery around its name was corporate bullying, the Financial Times responded by publishing a post that read "Lv Abrdn aln" (Leave Abrdn alone), while City AM ran with a front page that read "Abrdn: an apology - sry we kp tkng th pss ot of yr mssng vwls". Rebrands for big firms have in the past proven tricky to navigate. Royal Mail, for example, caused a public outcry after it suggested a name change to "Consignia" in 2002. A few years ago, Volkswagen was greeted with derision after an April Fool's joke misfired. The German car giant was forced to deny that it was changing its name to "Voltswagen" in the US, despite having said in a press release that it would. Tuesday's announcement from aberdeen group came as it revealed a return to profit in 2024 with pre-tax profits of £251m. The firm also said it was starting the search for a new chairman and increasing targets for profit growth. The company said it expected costs associated with the name change to be "negligible".
