Rebranded asset manager abrdn (ABDN.L) posted a 77% jump in first-half profits on Tuesday, helped by a rise in fees despite it posting a net drop in assets under management.
The blue-chip company, formerly Standard Life Aberdeen, said on Tuesday that adjusted pretax profit rose to 163 million pounds ($225.66 million) in the six months to June, above the company-supplied market consensus of 154 million pounds.
“We have made a strong start to the year and our three-year growth plan,” said abrdn chief executive Stephen Bird, who took on the role last year.
“Each of our three growth vectors have delivered higher revenue and profits, contributing to the highest overall rates of growth since the merger.”
The results are a boost for Bird, who has set out a strategy that prioritises Asia along with responsible investing and the company’s British adviser and consumer business.
Abrdn said assets under management and administration stood at 532 billion pounds, compared to 535 billion pounds at the end of 2020. It said the drop was due to “flows and corporate actions” though these were partly offset by positive market movements. Net outflows were 5.6 billion pounds.
The company reiterated its outlook and declared an interim dividend of 7.3 pence, the same as last year.
(This story has been refiled to remove extraneous question mark in first paragraph)
($1 = 0.7223 pounds)