Abrdn has seen a better start to this year reporting a turnaround in net flows as it continues its search for a permanent chief executive.
The asset manager, reported net inflows of £800mn in the period, compared with £5.3bn of outflows in the first half of 2023.
The half year results, published today (August 6), showed operating revenue dropped 7 per cent to £667mn from £721mn.
However, assets under management and administration grew 2 per cent to £505.9bn - up from £494.9bn the previous year.
Jason Windsor, interim chief executive of Abrdn, said: "In the first half of the year we have made an encouraging start as we become more efficient, and we enhance our propositions to lay the foundations for growth.
"We have three core businesses, with strong, scale positions in attractive markets and each has headroom to grow. While market conditions remain challenging, we are firmly on track to realise at least £150mn of annualised cost savings by the end of 2025."
Windsor added the firm is poised for a "step-change in growth allowing it to invest further in growth".
The results said the drop in revenue was down to expected lower margins in investments as well as the "net impact of corporate actions".
These reductions were partly offset by revenue in Abrdn's adviser business.
Here, net operating revenue was 16 per cent higher at £119mn.
It said this reflected a revised distribution arrangement reflecting a £13mn benefit of a revised distribution arrangement for services provided by the firm to to Phoenix which provides the Wrap Sipp.
In May, CEO of four years Stephen Bird stepped down.
Abrdn's succession plan saw Windsor, who was the chief financial officer, appointed as interim group CEO.
tara.o'connor@ft.com
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