24 April 2024
abrdn
plc
Q1 2024:
AUMA and flows trading update
abrdn plc is today providing an
update on its Q1 assets under management and administration (AUMA)
and net flows.
Key highlights
- AUMA
growth of 3% to £507.7bn reflecting stronger markets and
positive net flows
- Continued
organic growth in interactive investor,
with customer numbers up to 414k
- Actions underway to address outflows in Adviser
and equities
-
Implementation of cost transformation on track
AUMA and flows
(unaudited)
|
AUMA
|
Net flows
|
|
31 Mar 24
|
31 Dec 23
|
Q1 2024
|
Q1 2023
|
|
£bn
|
£bn
|
£bn
|
£bn
|
Institutional/Retail Wealth
|
215.1
|
211.2
|
0.7
|
(5.2)
|
Insurance Partners
|
159.2
|
155.5
|
(0.5)
|
(1.5)
|
Investments
|
374.3
|
366.7
|
0.2
|
(6.7)
|
Adviser
|
75.2
|
73.5
|
(0.9)
|
(0.1)
|
interactive
investor
|
69.6
|
66.0
|
1.2
|
0.7
|
Eliminations
|
(11.4)
|
(11.3)
|
0.3
|
(0.1)
|
Total
|
507.7
|
494.9
|
0.8
|
(6.2)
|
AUMA was £507.7bn as at 31 March
2024 benefiting from positive market performance and net inflows of
£0.8bn, including £2.6bn of net inflows into liquidity. Q1 2023 net
outflows were £6.2bn, including £1.8bn of net outflows from
liquidity.
Investments
- Investments AUM increased to £374.3bn primarily reflecting
positive market movements across most asset classes.
- The industry saw continued net outflows in Q1 2024 across
global active mutual funds1, particularly within
equities and multi-asset. However, the pace of outflows showed
signs of slowing, primarily driven by the growing demand for fixed
income.
- Institutional and Retail Wealth net inflows in Q1 2024 were
£0.7bn including strong inflows of £2.6bn into liquidity. There
were also net inflows into quantitatives and fixed income. It was a
challenging quarter for equities with continued net outflows
primarily reflecting industry asset allocation away from Asia and
emerging markets.
- Insurance Partners net outflows in Q1 2024 were £0.5bn
reflecting outflows from heritage business in run-off, largely
offset by inflows from growing workplace pensions.
1 Morningstar global active mutual fund net sales 31
March 2024 YTD
Adviser
- AUMA increased to £75.2bn as at 31 March 2024, driven by
stronger markets.
- Q1 2024 net outflows were £0.9bn. Gross inflows were in line
with Q1 2023; however as we saw in Q4, redemptions were elevated
owing to the continued impact of the higher cost of living and
further IFA consolidation.
interactive investor
- Total
customers were 414k at 31 March 2024, up 3% in the last year (31
March 2023: 401k) and up 2% in the quarter (31 December 2023:
407k). Of this, SIPP customers grew to 68.5k at 31 March 2024, up
25% in the last year (31 March 2023: 54.7k) and up 10% in the
quarter (31 December 2023: 62.4k).
- AUA as at 31 March 2024 was £69.6bn benefiting from stronger
markets and year on year growth in net inflows.
- Q1 2024 net inflows were £1.2bn, up 71% on Q1 2023, which
included £0.2bn of outflows from the exited Pension Trading
Accounts and £0.1bn of outflows from our financial planning
business.
Commenting, Stephen Bird, CEO abrdn
plc, said:
"Our AUMA grew 3% in the period to
£507.7bn, supported by a positive contribution from markets across
all three businesses. We had net inflows at a group level,
including strong liquidity flows which contributed to positive
overall flows within Investments. At interactive investor, we saw
continued organic growth in customers and flows. We were
particularly pleased with the growth in SIPP customers. Yet clearly
there is more work to be done in Investments and Adviser, where we
have actions underway to improve performance.
Our cost transformation programme is
on track as we take action to sustainably restore our business to a
more acceptable level of profitability. Our key focus, and our most
important priority, is on delivering investment performance for all
of our clients."
All figures to the end of 31 March 2024 in this
announcement are unaudited, and subject to revision.
Management will be hosting a call
for analysts and investors at 8:30am (BST) on 24 April 2024. To
access a webcast of the conference call, please go to the following
link:
https://brrmedia.news/ABDN_Q1TS
Enquiries:
Media
Duncan Young
Iain Dey (Teneo)
|
+44 (0) 7920 868865
+44 (0) 7976 295906
|
Institutional equity investors and
analysts
Jo Blackshaw
Corbin Chaplin
|
+44 (0) 7771 786275
+44 (0) 7774 332428
|
LEI: OTMBS544NMO7GLCE7H90
Appendix 1
Analysis of AUMA
|
Opening
AUMA at
1 Jan 2024
|
Gross inflows
|
Redemptions
|
Net flows
|
Market
and other movements
|
Corporate
actions
|
Closing
AUMA at
31 Mar 2024
|
3 months
ended 31 March 2024
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
Institutional/Retail Wealth
|
211.2
|
9.5
|
(8.8)
|
0.7
|
3.2
|
-
|
215.1
|
Insurance Partners
|
155.5
|
5.5
|
(6.0)
|
(0.5)
|
4.2
|
-
|
159.2
|
Investments
|
366.7
|
15.0
|
(14.8)
|
0.2
|
7.4
|
-
|
374.3
|
Adviser1
|
73.5
|
1.6
|
(2.5)
|
(0.9)
|
2.6
|
-
|
75.2
|
interactive
investor2
|
66.0
|
3.3
|
(2.1)
|
1.2
|
2.4
|
-
|
69.6
|
Eliminations
|
(11.3)
|
(0.5)
|
0.8
|
0.3
|
(0.4)
|
-
|
(11.4)
|
Total
AUMA
|
494.9
|
19.4
|
(18.6)
|
0.8
|
12.0
|
-
|
507.7
|
1. Includes Platform AUA as at 31 March
2024 of £72.5bn (31 December 2023: £70.9bn).
2. Includes financial planning business
assets as at 31 March 2024 of £4.2bn (31 December 2023:
£4.3bn).
Quarterly AUMA
|
31 Mar 24
|
31 Dec
23
|
30 Sep
23
|
30 Jun
23
|
31 Mar
23
|
12 months
ended 31 March 2024
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
Institutional/Retail Wealth
|
215.1
|
211.2
|
214.2
|
219.0
|
225.3
|
Insurance Partners
|
159.2
|
155.5
|
145.9
|
148.6
|
146.5
|
Investments
|
374.3
|
366.7
|
360.1
|
367.6
|
371.8
|
Adviser
|
75.2
|
73.5
|
70.9
|
71.8
|
69.7
|
interactive investor
|
69.6
|
66.0
|
62.1
|
67.4
|
69.3
|
Eliminations
|
(11.4)
|
(11.3)
|
(10.8)
|
(11.1)
|
(11.8)
|
Total AUMA
|
507.7
|
494.9
|
482.3
|
495.7
|
499.0
|
Quarterly net flows
|
3 months to
31 Mar 24
|
3 months to
31 Dec 23
|
3 months to
30 Sep 23
|
3 months to
30 Jun 23
|
3 months to
31 Mar 23
|
15 months
ended 31 March 2024
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
Institutional/Retail Wealth
|
0.7
|
(5.8)
|
(5.4)
|
(1.5)
|
(5.2)
|
Insurance Partners
|
(0.5)
|
0.3
|
(1.6)
|
1.7
|
(1.5)
|
Investments
|
0.2
|
(5.5)
|
(7.0)
|
0.2
|
(6.7)
|
Adviser
|
(0.9)
|
(1.0)
|
(0.5)
|
(0.5)
|
(0.1)
|
interactive
investor
|
1.2
|
0.5
|
0.6
|
1.1
|
0.7
|
Eliminations
|
0.3
|
0.3
|
0.2
|
0.2
|
(0.1)
|
Total net
flows
|
0.8
|
(5.7)
|
(6.7)
|
1.0
|
(6.2)
|
Institutional and Retail Wealth
AUM
Detailed asset class
split
|
Opening
AUM at
1 Jan 2024
|
Gross
inflows
|
Redemptions
|
Net flows
|
Market
and other movements
|
Corporate
actions
|
Closing
AUM at
31 Mar 2024
|
3
months ended 31 March 2024
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
Developed markets
equities
|
11.8
|
0.3
|
(0.7)
|
(0.4)
|
0.5
|
-
|
11.9
|
Emerging markets equities
|
11.1
|
0.2
|
(0.8)
|
(0.6)
|
0.2
|
-
|
10.7
|
Asia Pacific equities
|
16.3
|
0.6
|
(1.7)
|
(1.1)
|
0.3
|
-
|
15.5
|
Global equities
|
8.5
|
0.3
|
(0.5)
|
(0.2)
|
0.4
|
-
|
8.7
|
Total equities
|
47.7
|
1.4
|
(3.7)
|
(2.3)
|
1.4
|
-
|
46.8
|
Developed markets credit
|
21.4
|
1.5
|
(0.9)
|
0.6
|
(0.3)
|
-
|
21.7
|
Developed markets rates
|
3.3
|
0.1
|
(0.2)
|
(0.1)
|
(0.1)
|
-
|
3.1
|
Emerging markets fixed
income
|
9.8
|
0.3
|
(0.4)
|
(0.1)
|
0.1
|
-
|
9.8
|
Total fixed income
|
34.5
|
1.9
|
(1.5)
|
0.4
|
(0.3)
|
-
|
34.6
|
Absolute return
|
3.4
|
0.1
|
(0.1)
|
-
|
-
|
-
|
3.4
|
Diversified growth/income
|
0.2
|
-
|
-
|
-
|
-
|
-
|
0.2
|
MyFolio
|
16.2
|
0.4
|
(0.7)
|
(0.3)
|
0.6
|
-
|
16.5
|
Other multi-asset
|
5.3
|
0.2
|
(0.4)
|
(0.2)
|
(0.1)
|
-
|
5.0
|
Total multi-asset
|
25.1
|
0.7
|
(1.2)
|
(0.5)
|
0.5
|
-
|
25.1
|
Total private equity
|
7.2
|
-
|
-
|
-
|
(0.2)
|
-
|
7.0
|
UK real estate
|
15.9
|
0.2
|
(0.6)
|
(0.4)
|
(0.1)
|
-
|
15.4
|
European real estate
|
13.6
|
0.2
|
-
|
0.2
|
(0.3)
|
-
|
13.5
|
Global real estate
|
1.2
|
-
|
(0.2)
|
(0.2)
|
0.1
|
-
|
1.1
|
Real estate multi-manager
|
1.5
|
-
|
-
|
-
|
-
|
-
|
1.5
|
Infrastructure equity
|
6.1
|
0.1
|
-
|
0.1
|
(0.2)
|
-
|
6.0
|
Total real assets
|
38.3
|
0.5
|
(0.8)
|
(0.3)
|
(0.5)
|
-
|
37.5
|
Total alternative investment solutions (including private
credit)
|
24.0
|
0.2
|
(0.3)
|
(0.1)
|
1.9
|
-
|
25.8
|
Total quantitative
|
17.1
|
1.4
|
(0.5)
|
0.9
|
0.4
|
-
|
18.4
|
Total liquidity
|
17.3
|
3.4
|
(0.8)
|
2.6
|
-
|
-
|
19.9
|
Total
|
211.2
|
9.5
|
(8.8)
|
0.7
|
3.2
|
-
|
215.1
|
Forward-looking
statements
This announcement contains statements
that are or may be "forward-looking statements". All statements
other than statements of historical facts included in this
announcement may be forward-looking statements, including
statements that relate to the abrdn Group's future prospects,
developments and strategies. Often, but not always, forward-looking
statements can be identified by the use of forward-looking words
such as "plans", "expects", "is expected", "believes", "targets",
"aims", "anticipates", "projects", "would", "could", "should",
"may", "might", "envisages", "estimates", "intends", "underway", or
the negative of those, or by the use of references to assumptions,
budgets, strategies, prospects and schedules.
Although the abrdn Group believes
that the expectations reflected in such forward-looking statements
are reasonable as at the date of this announcement, it can give no
assurance that such expectations will prove to be
correct.
By their nature, forward-looking
statements involve risk and uncertainty because they are based on
information available at the time they are made, including current
expectations and assumptions, and relate to future events and/or
depend on circumstances which may be or are beyond the abrdn
Group's control.
Neither abrdn plc, its affiliates nor
any of its associates or directors, officers or advisers, provides
any representation, assurance or guarantee that the occurrence of
the events expressed or implied in any forward-looking statements
in this announcement will actually occur. Recipients of this
announcement should not place any reliance on these forward-looking
statements and all forward-looking statements contained in this
announcement are expressly qualified in their entirety by the
cautionary statements contained or referred to in this section.
Except as required by law or regulation, neither abrdn plc nor its
affiliates assume any obligation to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise. Past performance is not an indicator of
future results and the results of abrdn plc and its affiliates in
this document may not be indicative of, and are not an estimate,
forecast or projection of, abrdn plc's or its affiliates' future
results.
Please see abrdn plc's most recent
Annual Report and Accounts for further detail of the risks,
uncertainties and other factors relevant to its business and
securities.