Growth ambitions delayed as abrdn profits drop and AUM shrinks

Ambitions for revenue growth and an improved income/cost ratio are "likely to take longer than originally expected" as profits and flows sour at abrdn. According to the firm's half-year results, adjusted operating profit has dropped 28% compared to the same period last year, down to £115m, while IFRS before tax has tumbled from a profit of £113m to a loss of £320m. Profits in the firm's investment arm fell even more sharply, down 40% on H1 2021's figure to £76m. Assets under management shrunk 17% in this arm, down to £386bn, with gross redemptions of £62.7bn taking its toll. Twelve...