Vowel-deprived British asset manager Abrdn has delayed its revenue and cost targets. It’s a logical response to volatile markets, which caused revenue fees to fall 8% year-on-year in the six months to the end of June. Operating profit slumped 28%. Yet the deferred ambition highlights how much further Abrdn’s turnaround needs to go.
Businessman toy figure is placed on U.K. Pound coins in front of displayed Abrdn logo in this illustration taken, November 8, 2021. REUTERS/Dado Ruvic/Illustrationhas delayed its revenue and cost targets. It’s a logical response to volatile markets, which caused revenue fees to fall 8% year-on-year in the six months to the end of June. Operating profit slumped 28%. Yet the deferred ambition highlights how much further Abrdn’s turnaround needs to go.
Since taking over in 2020, Chief Executive Stephen Bird has cut costs, sold down stakes in non-core assets like Indian ventures and invested in faster-growing areas like individual savings, with the 1.5 billion poundof Interactive Investor. Yet the main funds business, which makes up the majority of Abrdn's assets under management, is still shrinking and not very profitable.
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