Abrdn boss rues ‘one of hardest investing years’

ABRDN’S assets have shrunk to a record low amid “one of the hardest investing years” in decades, piling pressure on its boss to turn the struggling fund manager around.

The FTSE 100 company, formerly known as Standard Life Aberdeen, reported an 8pc drop in assets under management to £500bn last year, while pre-tax profits plunged by a fifth to £253m.

The investment company also suffered net outflows of £10.3bn, which was three times higher than the previous year. Net outflows occur when more money is withdrawn from a company’s funds than is put into them over a certain period.

Stephen Bird, Abrdn’s chief executive, said 2022 was “one of the hardest investing years in living memory. Almost all asset classes dropped in value as the cost of money soared to quell a rising tide of inflation.”

Abrdn shares rose 4pc in afternoon trading.