UK asset manager Abrdn is to cut 500 jobs in a deep cost-cutting programme, after outflows more than doubled in the second half of last year.
Investors pulled a net £9.5bn from Abrdn’s funds in the six months to December, more than double the £4.4bn withdrawn in the first half of the year. Abrdn blamed adverse conditions including high inflation and geopolitical uncertainty.
Chief executive Stephen Bird said: “Market conditions have remained challenging for our mix of business, and this is reflected in our year-end [assets under management and administration], flow numbers, and margins.
“The new transformation programme . . . when completed, will deliver a step change in our cost to income ratio,” he said.