Abrdn hit by larger than expected outflows in ‘challenging’ environment

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UK asset manager Abrdn was hit by larger than expected outflows in the first half of the year, complicating chief executive Stephen Bird’s efforts to revive the group’s fortunes.

The company on Tuesday reported net outflows of £4.4bn in the first six months of the year, which it blamed on a “challenging macro environment” hitting investor sentiment.

Shares in London-listed Abrdn fell more than 6 per cent in early trading.

Bird, a former senior executive at Citigroup who joined Abrdn in 2020, has restructured the group, including merging or closing more than 50 funds, and has been attempting to position it for growth.

Abrdn on Tuesday said it was “taking actions to put our investments business on a better footing”.

“We continued to move at pace to execute our strategy over the first six months of 2023 in a challenging macro environment,” Bird said.