(Bloomberg) -- Abrdn Plc reported inflows in the first half of the year as the asset manager sought to identify its new permanent chief executive officer.
Clients added a net £800 million ($1 billion) from its funds in the first half of 2024, the firm said in as statement Tuesday. Assets under management and administration rose to £505.9 billion.
The firm is yet to announce the new CEO since Stephen Bird stepped down in May following a tumultuous tenure. Jason Windsor, the firm’s finance chief who has taken on the role in the interim, is tipped to be the permanent replacement but an announcement is still pending.
The Edinburgh-based firm has faced years of outflows and consecutive rounds of job cuts. While the industry itself has been grappling with client redemptions and squeezed margins that have led to to mergers and cost-cutting measures as firms try to survive, Abrdn’s troubles have been more pronounced.
Market performance, together with other movements, added £17.2 billion to AUMA, reflecting stronger markets primarily within alternative investment solutions and equities, Abrdn said in the statement. The company said it has started including its index tracking alternatives and quantitative assets in the figure.
In actively managed funds, performance is more subdued. Abrdn cited market conditions for underperformance in equities, as well as its assets bias toward Asia and emerging markets. It also cited headwinds from the “exceptionally concentrated” performance of the ‘Magnificent 7’ stocks in the US for its developed markets strategies.
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