Aberdeen-based firm, Abrdn, experienced an increase in assets under management and client inflows during the initial quarter of the year, indicating a potential upturn in the financial company’s performance. From the beginning of the year until the end of March, the firm disclosed net inflows of £800 million (€931 million) on Wednesday’s statement. The figures they manage elevated to £507.7 billion, a noticeable rise from the £494.9 billion at the culmination of 2023.
Stephen Bird, the company’s Chief Executive, pointed out that Abrdn’s cost alteration scheme was progressing as scheduled, with the aim to reach a suitable level of profit. In spite of witnessing a withdrawal of £17.6 billion from its funds by clients the previous year, Abrdn is striving to halt the persistent outflows since its formation from a merger in 2017. Despite his hard efforts since taking charge in 2020, Bird still confronts challenges in initiating a turnaround.
Earlier this year, the investment manager released plans for another phase of redundancies to curb expenses mentioning the dismissal of approximately 500 positions, translating to 10% of its employees, as a part of a strategy to preserve at the very least an annual £150 million – according to Bloomberg.