Abrdn, the FTSE 100 listed asset manager, posted a £320m loss for the first six months of the year, following a brutal period which saw it bleed almost £36bn in assets.
The Edinburgh-headquartered firm recorded a 28% drop in adjusted operating profit to £115m for the first six months of the year, down from £160m for the same period in 2021.
Revenue of £696m was down 8% year-on-year.
Profit and revenue were lower than expected — analysts had forecast they would reach £130m and £714m respectively.
Abrdn said overall outflows of £35.9bn were largely the result of a withdrawal of a final £24.4bn tranche from a £100bn-plus mandate it previously ran on behalf of Lloyds Banking Group. The bank pulled the mandate after the merger between Aberdeen Asset Management and Standard Life in 2017.
Assets under management took a hit as a result, down to £508bn for the group compared to £542bn at the end of 2021.
“The half year group results largely reflect the challenging global economic environment and market turbulence, said Abrdn chief executive Stephen Bird.
Asset managers across the board have suffered as a result of the tough economic environment.
BlackRock reported a 30% drop in profit for the first six months of the year, while Jupiter saw year-on-year profit plummet more than 60%.
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