Abrdn still has one big problem. Chief Executive Stephen Bird’s turnaround at the $5 billion asset manager is gaining traction. Full-year results on Tuesday showed that interactive investor, the savings platform he acquired last year, grew revenue by 20%, despite lower trading volumes. It benefitted in particular from higher interest rates on clients’ uninvested cash. Abrdn’s unit that provides IT for financial advisers also churned out a healthy 4% growth in sales.
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/Illustration/File Photostill has one big problem. Chief Executive Stephen Bird’s turnaround at the $5 billion asset manager is gaining traction. Full-year results on Tuesday showed that interactive investor, the savings platform he acquired last year, grew revenue by 20%, despite lower trading volumes.
The big question is when the core asset management unit, which accounted for over 70% of revenue last year, will pull its weight. Assets under management fell 19%, after factoring in falling markets and client outflows, to 376 billion pounds, while operating profit fell 55%. Compare that with listed hedge fund manager Man Group
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