Abrdn, one of Britain’s biggest investment groups, is the latest fund manager to suffer from the rapid downturn in global markets.
In the six months to the end of June fee-based revenue was 8 per cent lower at £696 million, sending adjusted operating profit down 28 per cent to £115 million, short of the £130 million analyst consensus. It led to a pre-tax loss of £320 million against a profit of £113 million last time, blamed on the collapse in share prices of significant listed investments. Total net outflows were £35.9 billion and assets under management fell from £542 billion to £508 billion.
Shares in the group, previously known as Standard Life Aberdeen, have fallen by 42 per cent on the FTSE 100 so