Abrdn has reported a half-year loss of £320m amid a “challenging global economic environment”.
In its report for the first half of 2022, Abrdn said the loss was “largely due to losses of £313m from the change in fair value of our significant listed investments in the period”.
Fee based revenue was 8% lower at £696m than the first half of 2021, and adjusted operating profit was 28% lower at £115m.
Abrdn put this down to “market movements”.
Assets under management and advice (AUMA) was £508bn, compared with £542bn in 2021.
This, the group said, reflects lower markets and final Lloyds Banking Group tranche withdrawal. It was partly offset by inclusion of AUA from Interactive Investor (ii).
Abrdn said its adviser vector has continued to deliver in tough markets, with fee-based revenue up 6% and adjusted operating profit up 3%.
Net flows were £1.4bn, compared with £2bn in the first half of 2021. This reflects “customer activity in the current environment”.
Meanwhile its investments vector saw fee-based revenue drop 11% and adjusted operating profit was down…
