TIDMABDN
RNS Number : 3261V
abrdn PLC
09 August 2022
abrdn plc
Half year results 2022
Part 3 of 3
9 August 2022
5. Supplementary information
5.1 Alternative performance measures APM
We assess our performance using a variety of measures that are
not defined under IFRS and are therefore termed alternative
performance measures (APMs). The APMs that we use may not be
directly comparable with similarly named measures used by other
companies. We have presented below reconciliations from these APMs
to the most appropriate measure prepared in accordance with IFRS.
All APMs should be read together with the condensed consolidated
income statement, condensed consolidated statement of financial
position and condensed consolidated statement of cash flows, which
are presented in the Financial information section of this report
and related metrics. Adjusted operating profit excludes certain
items which are likely to be recurring such as restructuring costs,
amortisation of certain intangibles, dividends from significant
listed investments and the share of profit or loss from joint
ventures.
Definition Purpose
------------------------------------------------------------------ ---------------------
Adjusted operating profit APM
A d justed operating profit before tax is the Adjusted operating
Group's key APM. Adjusted operating profit includes profit has replaced
the results of the Group's three growth vectors: adjusted profit
Investments, Adviser and Personal, along with before
Corporate/strategic. tax as the Group's
It excludes the Group's adjusted net financing key APM. Adjusted
costs and investment return, and discontinued operating
operations. profit reporting
Adjusted operating profit also excludes the impact provides
of the following items: further analysis of
* Restructuring costs and corporate transaction the results reported
expenses. Restructuring includes the impact of major under IFRS and the
regulatory change. Directors believe it
helps to give
shareholders
* Amortisation and impairment of intangible assets a fuller
acquired in business combinations and through the understanding
purchase of customer contracts. of the performance
of the business by
identifying and
* Profit or loss arising on the disposal of a analysing
subsidiary, joint venture or equity accounted adjusting items.
associate. Segment reporting
used
in management
* Change in fair value of/dividends from significant information
listed investments. is reported to the
level of adjusted
operating
* Share of profit or loss from associates and joint profit.
ventures.
* Impairment loss/reversal of impairment loss
recognised on investments in associates and joint
ventures accounted for using the equity method.
* Fair value movements in contingent consideration.
* Items which are one-off and, due to their size or
nature, are not indicative of the long-term operating
performance of the Group.
Further details are included in Note 4.9 of the
Financial information section.
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Fee based revenue APM
Fee based revenue includes revenue we generate Fee based revenue is
from asset management charges (AMCs), platform a component of
charges, treasury income and other transactional adjusted
charges. AMCs are earned on products such as mutual operating profit and
funds, and are calculated as a percentage fee provides the basis
based on the assets held. Investment risk on these for reporting of the
products rests principally with the client, with fee revenue yield
our major indirect exposure to rising or falling financial
markets coming from higher or lower AMCs. Fee ratio. Fee based
based revenue is shown net of costs of sale, such revenue
as commissions and similar charges. is also used to
calculate
the cost/income
ratio.
------------------------------------------------------------------ ---------------------
Adjusted operating expenses APM
Adjusted operating expenses is a component of Adjusted operating
adjusted operating profit and relates to the day-to-day expenses is a
expenses of managing our business. Adjusted operating component
expenses excludes restructuring and corporate of adjusted operating
transaction expenses. Adjusted operating expenses profit and is used
also excludes amortisation and impairment of intangible to calculate the
assets acquired in business combinations and through cost/income
the purchase of customer contracts. ratio.
------------------------------------------------------------------ ---------------------
Adjusted profit before tax APM
In addition to the results included in adjusted Adjusted profit
operating profit above, adjusted profit before
before tax includes adjusted net financing costs tax is a key input
and investment return. to the adjusted
earnings
per share measure.
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Adjusted net financing costs and investment return
APM
Adjusted net financing costs and investment return Adjusted net
relates to the return from the net assets of the financing
shareholder business, net of costs of financing. costs and investment
This includes the net assets in defined benefit return is a component
staff pension plans and net assets relating to of adjusted profit
the financing of subordinated liabilities. before tax.
Cost/income ratio APM
This is an efficiency measure that is calculated This ratio is used
as adjusted operating expenses divided by fee by management to
based revenue in the period. assess
efficiency and
reported
to the Board and
executive
leadership team.
Fee revenue yield (bps) APM
The fee revenue yield is calculated as annualised The average revenue
fee based revenue (excluding performance fees, yield on fee based
interactive investor and revenue for which there business is a measure
are no attributable assets) divided by monthly that illustrates the
average fee based assets. interactive investor average margin being
is excluded from the calculation of Personal and earned on the assets
total fee revenue yield as fees charged for this that we manage,
business are primarily from subscriptions and administer
trading transactions. or advise our clients
on excluding
interactive
investor.
Adjusted diluted earnings per
share APM
Adjusted diluted earnings per share is calculated Earnings per share
on adjusted profit after tax. The weighted average is a commonly used
number of ordinary shares in issue is adjusted financial metric
during the period to assume the conversion of which
all dilutive potential ordinary shares, such as can be used to
share options granted to employees. measure
Details on the calculation of adjusted diluted the profitability and
earnings per share are set out in Note 4.8 of capital efficiency
the Financial information section. of a company over
time.
We also calculate
adjusted
diluted earnings per
share to illustrate
the impact of
adjusting
items on the metric.
This ratio is used
by management to
assess
performance and
reported
to the Board and
executive
leadership team.
Adjusted capital generation APM
Adjusted capital generation is part of the analysis This measure aims to
of movements in IFPR regulatory capital. Adjusted show how adjusted
capital generation is calculated as adjusted profit profit
after tax less returns relating to pension schemes contributes to
in surplus and interest paid on other equity, regulatory
which do not benefit regulatory capital. It also capital, and
includes dividends from associates, joint ventures therefore
and significant listed investments. provides insight into
our ability to
generate
capital that is
deployed
to support value for
shareholders.
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Adjusted diluted capital generation
per share APM
This ratio is a
measure
Adjusted diluted capital generation per share used to assess
is calculated as adjusted capital generation divided performance
by the weighted average number of diluted ordinary for remuneration
shares outstanding. purposes.
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Cash and liquid resources APM
Cash and liquid resources are IFRS cash and cash The purpose of this
equivalents (netted down for overdrafts), money measure is to
market instruments and holdings in money market demonstrate
funds. It also includes surplus cash that has how much cash and
been invested in liquid assets such as high quality invested
corporate bonds, gilts and pooled investment funds. assets we hold and
Seed capital and co-investments are excluded. can be readily
accessed.
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5.1.1 Adjusted operating profit and adjusted profit
Reconciliation of adjusted operating profit and adjusted profit
to IFRS profit by component
The key components of adjusted operating profit are fee based
revenue and adjusted operating expenses. These components provide a
meaningful analysis of our adjusted results. The table below
provides a reconciliation of movements between adjusted operating
profit component measures and relevant IFRS terms. A reconciliation
of Fee based revenue to the IFRS item Revenue from contracts with
customers is provided in Note 4.4 of the Financial information
section.
Presentation Adjusting Adjusted
IFRS term IFRS differences items profit Adjusted profit term
H1 2022 GBPm GBPm GBPm GBPm
---------------------------- ----- ------------ --------- -------- ----------------------
Net operating revenue 696 - - 696 Fee based revenue
Total administrative Adjusted operating
and other expenses (706) (22) 147 (581) expenses(1)
---------------------------- ----- ------------ --------- -------- ----------------------
Adjusted operating
(10) (22) 147 115 profit
---------------------------- ----- ------------ --------- -------- ----------------------
Net gains or losses Adjusted net financing
on financial instruments costs and investment
and other income (298) 8 274 (16) return
Finance costs (15) 14 1 - N/A
Profit on disposal
of interests in associates 6 - (6) - N/A
Share of profit or
loss from associates
and joint ventures 6 - (6) - N/A
Impairment of interests
in associates (9) - 9 - N/A
Adjusted profit
Loss before tax (320) - 419 99 before tax
---------------------------- ----- ------------ --------- -------- ----------------------
Total tax expense 31 - (44) (13) Tax on adjusted profit
---------------------------- ----- ------------ --------- -------- ----------------------
Adjusted profit
Loss for the period (289) - 375 86 after tax
---------------------------- ----- ------------ --------- -------- ----------------------
1. Adjusted operating expenses includes staff and other related
costs of GBP303m compared with IFRS staff costs and other
employee-related costs of GBP266m. The difference primarily relates
to the inclusion of contractor, temporary agency staff and
recruitment and training costs of GBP14m (IFRS basis: Reported
within other administrative expenses) and losses on funds to hedge
deferred bonus awards of GBP8m (IFRS basis: Reported within other
net gains on financial instruments and other income) within staff
and other related costs. IFRS staff costs and other
employee-related costs includes the benefit from the net interest
credit relating to the staff pension schemes of GBP15m (Adjusted
profit basis: Reported within adjusted net financing costs and
investment return).
Presentation Adjusting Adjusted
IFRS term IFRS differences items profit Adjusted profit term
H1 2021 GBPm GBPm GBPm GBPm
---------------------------- ----- ------------ --------- -------- ----------------------
Net operating revenue 777 3 (25) 755 Fee based revenue
Total administrative Adjusted operating
and other expenses (759) (7) 171 (595) expenses
---------------------------- ----- ------------ --------- -------- ----------------------
Adjusted operating
18 (4) 146 160 profit
---------------------------- ----- ------------ --------- -------- ----------------------
Net gains or losses Adjusted net financing
on financial instruments costs and investment
and other income (9) (11) 23 3 return
Finance costs (15) 15 - - N/A
Profit on disposal
of subsidiaries and
other operations 84 - (84) - N/A
Profit on disposal
of interests in associates 68 - (68) - N/A
Share of profit or
loss from associates
and joint ventures (33) - 33 - N/A
Adjusted profit
Profit before tax 113 - 50 163 before tax
---------------------------- ----- ------------ --------- -------- ----------------------
Total tax expense (11) - (2) (13) Tax on adjusted profit
---------------------------- ----- ------------ --------- -------- ----------------------
Adjusted profit
Profit for the period 102 - 48 150 after tax
---------------------------- ----- ------------ --------- -------- ----------------------
Presentation differences primarily relate to amounts presented
in a different line item of the consolidated income statement.
5.1.2 Cost/income ratio
H1 2022 H1 2021
----------------------------------- -------- -------
Adjusted operating expenses (GBPm) (581) (595)
Fee based revenue (GBPm) 696 755
Cost/income ratio (%) 83 79
----------------------------------- -------- -------
5.1.3 Fee revenue yield (bps)
Average AUMA Fee based revenue Fee revenue yield
(GBPbn) (GBPm) (bps)
---------------- ------------------- -------------------
H1 2022 H1 2021 H1 2022 H1 2021 H1 2022 H1 2021
--------------------------------- ------- ------- --------- -------- --------- --------
Institutional and Wholesale(1) 239.4 249.4 446 490 37.1 39.4
Insurance 184.3 202.0 90 101 9.9 10.1
--------------------------------- ------- ------- --------- -------- --------- --------
Investments(1) 423.7 451.4 536 591 25.3 26.3
Adviser 72.3 69.0 92 87 25.5 25.3
Personal Wealth(1) 13.8 13.7 45 41 60.0 55.9
Parmenion(2) - 7.2 - 14 - 38.1
Eliminations (11.8) (10.9) N/A N/A N/A N/A
--------------------------------- ------- ------- --------- -------- --------- --------
Fee revenue yield(1) 498.0 530.4 673 733 26.9 27.6
--------------------------------- ------- ------- --------- -------- --------- --------
interactive investor(3) 13 -
Performance fees 10 22
--------------------------------- ------- ------- --------- -------- --------- --------
Fee based revenue 696 755
--------------------------------- ------- ------- --------- -------- --------- --------
Analysis of Institutional and Wholesale by asset class(1)
Fee based revenue Fee revenue yield
Average AUM (GBPbn) (GBPm) (bps)
H1 2022 H1 2021 H1 2022 H1 2021 H1 2022 H1 2021
---------------------------- ---------- --------- --------- -------- --------- --------
Equities 60.7 69.7 193 225 64.0 64.8
Fixed income 43.4 47.4 60 67 27.9 28.7
Multi-asset 33.4 34.4 52 58 31.5 34.1
Private equity 12.3 11.0 25 31 40.5 56.1
Real assets 40.9 34.2 89 82 44.0 48.5
Alternatives 21.9 20.0 14 12 12.9 12.6
Quantitative 6.2 6.0 2 2 6.5 6.5
Liquidity 20.6 26.7 6 10 6.0 7.8
---------------------------- ---------- --------- --------- -------- --------- --------
Institutional and Wholesale 239.4 249.4 441 487 37.1 39.4
---------------------------- ---------- --------- --------- -------- --------- --------
1. Institutional and Wholesale fee revenue yield excludes
revenue of GBP5m (H1 2021: GBP3m) and Personal Wealth fee revenue
yield excludes revenue of GBP4m (H1 2021: GBP3m) for which there
are no attributable assets.
2. Parmenion is included in the Corporate/strategic vector. The
sale of Parmenion completed on 30 June 2021 and the fee revenue
yield reflects the position as at the date of disposal.
3. interactive investor is excluded from the calculation of
Personal and total fee revenue yield as fees charged for this
business are primarily from subscriptions and trading
transactions.
5.1.4 Additional ii information
The results for ii are included in the Group's results following
the completion of the acquisition on 27 May 2022. The adjusted
operating profit for ii for the one month to 30 June 2022 of GBP6m
is included in our overall H1 2022 adjusted operating profit of
GBP115m.
The tables below provides detail of the performance of ii for
the full six months ended 30 June 2022 and the full 12 months ended
31 December 2021 to provide a fuller understanding of the
performance of this business. Adjusted operating profit has also
been presented excluding losses relating to Share Limited to
provide a more meaningful comparison to the go-forward
position.
FY 2021 FY 2021
H1 2022 12 months 12 months
6 months GBPm GBPm
Excl Incl
Analysis of ii profit GBPm Share(1) Share(1)
---------------------------- ---------- ----------- -----------
Fee based revenue 75 128 135
Adjusted operating expenses (42) (83) (99)
---------------------------- ---------- ----------- -----------
Adjusted operating profit 33 45 36
---------------------------- ---------- ----------- -----------
The FY 2021 adjusted operating profit of GBP36m included losses
relating to Share Limited of GBP9m while part of this business was
wound down. Excluding losses from Share Limited, the FY 2021
adjusted operating profit was GBP45m. The H1 2022 impact was
GBPnil.
FY 2021 FY 2021
H1 2022 12 months 12 months
6 months GBPm GBPm
Excl Incl
Analysis of ii fee based revenue GBPm Share(1) Share(1)
------------------------------------------ ---------- ----------- -----------
Trading transactions 34 79 84
Account fees (subscription based revenue) 27 48 50
Treasury income 17 9 9
Less: Cost of sales (3) (8) (8)
------------------------------------------ ---------- ----------- -----------
Fee based revenue 75 128 135
------------------------------------------ ---------- ----------- -----------
1. Losses were incurred in Share Limited and its subsidiaries
(Share) as part of this business was wound down.
5.1.5 Adjusted capital generation
The table below provides a reconciliation of movements between
adjusted profit after tax and adjusted capital generation. A
reconciliation of adjusted profit after tax to IFRS profit/loss for
the period is included earlier in this section.
H1 2022 H1 2021
GBPm GBPm
------------------------------------------------------- ------- -------
Adjusted profit after tax 86 150
Less net interest credit relating to the staff pension
schemes (15) (9)
Less interest paid on other equity (6) -
Add dividends received from associates, joint ventures
and significant listed investments 42 35
------------------------------------------------------- ------- -------
Adjusted capital generation 107 176
------------------------------------------------------- ------- -------
Net interest credit relating to the staff pension schemes
The net interest credit relating to the staff pension schemes is
the contribution to adjusted profit before tax from defined benefit
pension schemes which are in surplus.
Dividends received from associates, joint ventures and
significant listed investments
An analysis is provided below:
H1 2022 H1 2021
GBPm GBPm
--------------------------------------------------- ------- -------
Phoenix 26 35
HDFC Life 1 -
HDFC Asset Management 15 -
Dividends received from associates, joint ventures
and significant listed investme nts 42 35
--------------------------------------------------- ------- -------
The table below provides detail of dividend coverage on an
adjusted capital generation basis.
H1 2022 H1 2021
Adjusted capital generation (GBPm) 107 176
Interim dividend (GBPm) 153 154
------------------------------------------------------- ------- -------
Dividend cover on an adjusted capital generation basis
(times) 0.70 1.14
------------------------------------------------------- ------- -------
5.1.6 Adjusted diluted capital generation per share
A reconciliation of adjusted capital generation to adjusted
profit after tax is included in 5.1.5 above.
H1 2022 H1 2021
Adjusted capital generation (GBPm) 107 176
Weighted average number of diluted ordinary shares
outstanding (millions) - Note 4.8 2,130(1) 2,156
------------------------------------------------------ -------- -------
Adjusted diluted capital generation per share (pence) 5.0 8.2
------------------------------------------------------ -------- -------
1. In accordance with IAS 33, no share options and awards have
been treated as dilutive for the six months ended 30 June 2022 due
to the loss attributable to equity holders of abrdn plc in that
period. See Note 4.8 for further details.
5.1.7 Cash and liquid resources
The table below provides a reconciliation between IFRS cash and
cash equivalents and cash and liquid resources. Seed capital and
co-investments are excluded.
H1 2022 FY 2021
GBPbn GBPbn
--------------------------------------------------------- ------- -------
Cash and cash equivalents per the condensed consolidated
statement of financial position 1.4 1.9
Bank overdrafts (0.1) (0.1)
Debt securities excluding third party interests(2) 0.3 1.1
Corporate funds held in absolute return funds 0.2 0.2
Other(3) (0.1) -
--------------------------------------------------------- ------- -------
Cash and liquid resources 1.7 3.1
--------------------------------------------------------- ------- -------
2. Excludes GBP71m (FY 2021: GBP76m) relating to seeding.
3. Cash collateral, cash held for charitable funds and cash held
in employee benefit trusts are excluded from cash and liquid
resources.
5.2 Investment performance
Definition Purpose
--------------------------------------------------------- ---------------------------
Investment performance
Investment performance has been aggregated using As an asset managing
a money weighted average of our assets under business this measure
management which are outperforming their respective demonstrates our ability
benchmark. Calculations for investment performance to generate investment
are made gross of fees with the exception of returns for our clients.
those for which the stated comparator is net
of fees. Benchmarks differ by fund and are defined
in the relevant investment management agreement
or prospectus, as appropriate. The investment
performance calculation covers all funds that
aim to outperform a benchmark, with certain
assets excluded where this measure of performance
is not appropriate or expected, such as private
markets and execution only mandates, as well
as replication tracker funds which aim to perform
in line with a given index.
--------------------------------------------------------- ---------------------------
1 year 3 years 5 years
---------------- ---------------- ----------------
% of AUM ahead of benchmark H1 2022 FY 2021 H1 2022 FY 2021 H1 2022 FY 2021
---------------------------- ------- ------- ------- ------- ------- -------
Equities 30 36 51 72 34 61
Fixed income 44 59 63 82 76 87
Multi-asset 53 41 54 39 50 44
Real assets 87 83 75 52 69 50
Alternatives 97 87 100 98 100 98
Quantitative 21 98 45 44 57 68
Liquidity 82 88 85 87 70 84
---------------------------- ------- ------- ------- ------- ------- -------
Total 53 57 63 67 61 67
---------------------------- ------- ------- ------- ------- ------- -------
5.3 Assets under management and administration and flows
Definition Purpose
---------------------------------------------------- ---------------------------
AUMA
AUMA is a measure of the total assets we manage, The amount of funds
administer or advise on behalf of our clients. that we manage, administer
It includes assets under management (AUM), assets or advise directly impacts
under administration (AUA) and assets under the level of fee based
advice (AUAdv). revenue that we receive.
AUM is a measure of the total assets that we
manage on behalf of individual and institutional
clients. AUM also includes fee generating assets
managed for corporate purposes.
AUA is a measure of the total assets we administer
for clients through platform products such as
ISAs, SIPPs and general trading accounts.
AUAdv is a measure of the total assets we advise
our clients on, for which there is an ongoing
charge.
---------------------------------------------------- ---------------------------
Net flows
Net flows represent gross flows less redemptions. The level of net flows
Gross flows are new funds from clients. Redemptions that we generate directly
are the money withdrawn by clients during the impacts the level of
period. fee based revenue that
we receive.
---------------------------------------------------- ---------------------------
5.3.1 Analysis of AUMA
Closing
Opening AUMA
AUMA at Market at
1 Jan Gross and other Corporate 30 Jun
2022 inflows Redemptions Net flows movements(2) actions(3) 2022
6 months ended 30 June
2022 GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
----------------------- -------- -------- ----------- --------- ------------- ----------- -------
Institutional 174.0 7.7 (16.8) (9.1) (4.1) - 160.8
Wholesale 79.1 8.9 (10.8) (1.9) (5.7) - 71.5
Insurance 210.5 8.8 (35.1) (26.3) (30.2) - 154.0
----------------------- -------- -------- ----------- --------- ------------- ----------- -------
Investments 463.6 25.4 (62.7) (37.3) (40.0) - 386.3
Adviser 76.2 4.0 (2.6) 1.4 (9.3) - 68.3
interactive investor - 0.6 (0.4) 0.2 (3.3) 55.4 52.3
Personal Wealth 14.4 0.8 (0.7) 0.1 (1.2) - 13.3
----------------------- -------- -------- ----------- --------- ------------- ----------- -------
Personal(1) 14.4 1.4 (1.1) 0.3 (4.5) 55.4 65.6
Eliminations(1) (12.1) (1.4) 1.1 (0.3) 1.5 (0.9) (11.8)
----------------------- -------- -------- ----------- --------- ------------- ----------- -------
Total AUMA 542.1 29.4 (65.3) (35.9) (52.3) 54.5 508.4
----------------------- -------- -------- ----------- --------- ------------- ----------- -------
Closing
Opening AUMA
AUMA at Market at
1 Jan Gross and other Corporate 30 Jun
2021 inflows Redemptions Net flows movements actions(4) 2021
6 months ended 30 June
2021 GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
----------------------- -------- -------- ----------- --------- ---------- ----------- -------
Institutional 171.7 9.1 (12.5) (3.4) 0.8 2.5 171.6
Wholesale 80.0 12.9 (14.0) (1.1) 1.6 - 80.5
Insurance 205.2 9.1 (12.9) (3.8) 3.1 - 204.5
----------------------- -------- -------- ----------- --------- ---------- ----------- -------
Investments 456.9 31.1 (39.4) (8.3) 5.5 2.5 456.6
Adviser 67.0 4.6 (2.6) 2.0 3.3 - 72.3
interactive investor - - - - - - -
Personal Wealth 13.3 1.0 (0.5) 0.5 0.6 - 14.4
----------------------- -------- -------- ----------- --------- ---------- ----------- -------
Personal(1) 13.3 1.0 (0.5) 0.5 0.6 - 14.4
Parmenion 8.1 0.7 (0.4) 0.3 0.3 (8.7) -
Eliminations(1) (10.7) (1.4) 1.3 (0.1) (0.7) - (11.5)
----------------------- -------- -------- ----------- --------- ---------- ----------- -------
Total AUMA 534.6 36.0 (41.6) (5.6) 9.0 (6.2) 531.8
----------------------- -------- -------- ----------- --------- ---------- ----------- -------
1. Eliminations remove the double count reflected in
Investments, Adviser and Personal. The Personal vector includes
assets that are reflected in both the discretionary investment
management and financial planning businesses. This double count is
also removed within Eliminations.
2. Market and other movements include the transfer of retained
LBG AUM of cGBP7.5bn from Insurance into Institutional
(quantitatives), to better reflect how the relationship is being
managed.
3. Corporate actions in H1 2022 relate to the acquisition of
interactive investor on 27 May 2022. The eliminations are to remove
the double count for the assets that are reflected in both
interactive investor and Investments.
4. Corporate actions relate to the acquisition of a majority
interest in Tritax on 1 April 2021 supplementing Institutional AUM
by cGBP6bn at the acquisition date. This is partially offset by the
disposal of our domestic real estate business in the Nordics region
on 31 May 2021 which reduced AUM by cGBP3bn. The sale of Parmenion
completed on 30 June 2021.
5.3.2 Quarterly net flows
3 months to 3 months to 3 months to 3 months to 3 months to
30 Jun 22 31 Mar 22 31 Dec 21 30 Sep 21 30 Jun 21
15 months ended 30 June 2022 GBPbn GBPbn GBPbn GBPbn GBPbn
----------------------------- ----------- ----------- ----------- ----------- -----------
Institutional (7.8) (1.3) 2.5 (2.0) (0.7)
Wholesale - (1.9) (0.8) (0.3) (0.5)
Insurance (4.6) (21.7) (0.4) (1.3) (1.5)
----------------------------- ----------- ----------- ----------- ----------- -----------
Investments (12.4) (24.9) 1.3 (3.6) (2.7)
Adviser 0.5 0.9 1.1 0.8 0.9
interactive investor 0.2 - - - -
Personal Wealth - 0.1 - 0.1 0.3
----------------------------- ----------- ----------- ----------- ----------- -----------
Personal 0.2 0.1 - 0.1 0.3
Parmenion - - - - 0.2
Eliminations (0.1) (0.2) (0.2) (0.1) -
----------------------------- ----------- ----------- ----------- ----------- -----------
Total net flows (11.8) (24.1) 2.2 (2.8) (1.3)
----------------------------- ----------- ----------- ----------- ----------- -----------
5.4 Institutional and Wholesale AUM
Detailed asset class split
Opening Closing
AUM at Market AUM at
1 Jan Gross and other Corporate 30 Jun
2022 inflows Redemptions Net flows movements actions 2022
6 months ended 30 June
2022 GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Developed markets equities 17.0 1.1 (1.6) (0.5) (4.8) - 11.7
Emerging markets equities 16.4 1.1 (1.5) (0.4) (2.4) - 13.6
Asia Pacific equities 25.3 1.4 (2.6) (1.2) (2.9) - 21.2
Global equities 10.3 0.7 (0.8) (0.1) (2.1) - 8.1
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Total equities 69.0 4.3 (6.5) (2.2) (12.2) - 54.6
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Developed markets credit 28.3 1.6 (2.8) (1.2) (2.9) - 24.2
Developed markets rates 2.9 0.2 (0.3) (0.1) (0.6) - 2.2
Emerging markets fixed
income 12.2 1.6 (1.4) 0.2 (1.0) - 11.4
Private credit 2.4 0.2 (0.1) 0.1 0.4 - 2.9
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Total fixed income 45.8 3.6 (4.6) (1.0) (4.1) - 40.7
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Absolute return 10.0 0.2 (0.7) (0.5) (2.0) - 7.5
Diversified growth/income 0.5 0.1 (0.1) - (0.1) - 0.4
MyFolio 17.7 0.9 (1.0) (0.1) (1.8) - 15.8
Other multi-asset 7.8 0.5 (0.4) 0.1 (1.5) - 6.4
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Total multi-asset 36.0 1.7 (2.2) (0.5) (5.4) - 30.1
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Total private equity 12.3 0.2 (0.5) (0.3) 0.7 - 12.7
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
UK real estate 19.9 0.2 (0.5) (0.3) 0.8 - 20.4
European real estate 10.3 0.2 - 0.2 2.8 - 13.3
Global real estate 1.8 0.1 (0.1) - (0.1) - 1.7
Real estate multi-manager 1.2 0.1 (0.1) - - - 1.2
Infrastructure equity 6.2 0.3 (0.5) (0.2) 0.1 - 6.1
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Total real assets 39.4 0.9 (1.2) (0.3) 3.6 - 42.7
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Total alternatives 20.8 1.3 (0.7) 0.6 1.2 - 22.6
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Total quantitative(1) 5.5 1.5 (1.1) 0.4 6.4 - 12.3
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Total liquidity 24.3 3.1 (10.8) (7.7) - - 16.6
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Total(1) 253.1 16.6 (27.6) (11.0) (9.8) - 232.3
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
1. Market and other movements include the transfer of retained
LBG AUM of cGBP7.5bn from Insurance into Institutional
(quantitatives), to better reflect how the relationship is being
managed.
Opening Closing
AUM at Market AUM at
1 Jan Gross and other Corporate 30 Jun
2021 inflows Redemptions Net flows movements actions 2021
6 months ended 30 June
2021 GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Developed markets equities 14.7 1.7 (2.0) (0.3) 1.5 - 15.9
Emerging markets equities 19.0 1.1 (2.0) (0.9) 1.0 - 19.1
Asia Pacific equities 26.6 2.7 (3.0) (0.3) 0.2 - 26.5
Global equities 8.9 0.8 (0.8) - 0.6 - 9.5
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Total equities 69.2 6.3 (7.8) (1.5) 3.3 - 71.0
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Developed markets credit 32.2 2.9 (4.4) (1.5) (1.5) - 29.2
Developed markets rates 2.8 0.3 (0.2) 0.1 (1.8) - 1.1
Emerging markets fixed
income 12.2 2.3 (2.2) 0.1 1.3 - 13.6
Private credit 1.0 0.7 - 0.7 0.6 - 2.3
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Total fixed income 48.2 6.2 (6.8) (0.6) (1.4) - 46.2
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Absolute return 11.5 0.4 (1.1) (0.7) (0.6) - 10.2
Diversified growth/income 0.6 - (0.1) (0.1) - - 0.5
MyFolio 15.6 1.1 (1.4) (0.3) 2.0 - 17.3
Other multi-asset 10.0 0.6 (0.7) (0.1) (3.0) - 6.9
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Total multi-asset 37.7 2.1 (3.3) (1.2) (1.6) - 34.9
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Total private equity 10.9 1.3 (0.5) 0.8 0.3 - 12.0
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
UK real estate 9.2 0.7 (0.5) 0.2 3.2 5.8 18.4
European real estate 12.1 0.6 (0.2) 0.4 0.7 (3.3) 9.9
Global real estate 1.8 0.2 (0.2) - - - 1.8
Real estate multi-manager 1.6 0.1 (0.1) - (0.6) - 1.0
Infrastructure equity 5.3 0.6 (0.3) 0.3 - - 5.6
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Total real assets 30.0 2.2 (1.3) 0.9 3.3 2.5 36.7
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Total alternatives 19.5 1.4 (0.6) 0.8 - - 20.3
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Total quantitative 6.4 0.5 (0.5) - (0.4) - 6.0
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Total liquidity 29.8 2.0 (5.7) (3.7) (1.1) - 25.0
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
Total 251.7 22.0 (26.5) (4.5) 2.4 2.5 252.1
--------------------------- ------- -------- ----------- --------- ---------- --------- -------
5.5 Analysis of Insurance
Opening Closing
AUM at Market AUM at
1 Jan Net and other Corporate 30 Jun
2022 Gross inflows Redemptions flows movements actions 2022
6 months ended 30
June 2022 GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
------------------ ------- ------------- ----------- ------ ---------- --------- -------
Phoenix 175.5 8.5 (9.5) (1.0) (21.7) - 152.8
Lloyds(1) 33.6 0.3 (25.5) (25.2) (8.4) - -
Other 1.4 - (0.1) (0.1) (0.1) - 1.2
------------------ ------- ------------- ----------- ------ ---------- --------- -------
Total(1) 210.5 8.8 (35.1) (26.3) (30.2) - 154.0
------------------ ------- ------------- ----------- ------ ---------- --------- -------
Opening Closing
AUM at Market AUM at
1 Jan Net and other Corporate 30 Jun
2021 Gross inflows Redemptions flows movements actions 2021
6 months ended 30
June 2021 GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
------------------ ------- ------------- ----------- ------ ---------- --------- -------
Phoenix 171.5 6.0 (9.9) (3.9) 1.1 - 168.7
Lloyds 31.8 3.1 (2.9) 0.2 2.2 - 34.2
Other 1.9 - (0.1) (0.1) (0.2) - 1.6
------------------ ------- ------------- ----------- ------ ---------- --------- -------
Total 205.2 9.1 (12.9) (3.8) 3.1 - 204.5
------------------ ------- ------------- ----------- ------ ---------- --------- -------
1. Following completion of the LBG tranche withdrawals, the
remaining LBG AUM of cGBP7.5bn which has been retained was
reallocated to quantitatives in Institutional and is included in
market and other movements in the table above.
5.6 Analysis of total AUM
5.6.1 AUM by geography
30 Jun 2022 31 Dec 2021
------------------------------------------ ---------------------------------------------
Institutional Personal Institutional
and Wholesale Insurance (2) Total and Wholesale Insurance Personal(2) Total
GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
-------------------- -------------- --------- -------- ----- -------------- --------- ----------- -----
UK 109.3 154.0 8.2 271.5 120.3 210.5 8.9 339.7
Europe, Middle East
and Africa (EMEA) 56.4 - - 56.4 62.5 - - 62.5
Asia Pacific (APAC) 17.3 - - 17.3 19.2 - - 19.2
Americas 49.3 - - 49.3 51.1 - - 51.1
-------------------- -------------- --------- -------- ----- -------------- --------- ----------- -----
Total AUM 232.3 154.0 8.2 394.5 253.1 210.5 8.9 472.5
-------------------- -------------- --------- -------- ----- -------------- --------- ----------- -----
2. Excludes assets under advice of GBP5.1bn at 30 June 2022 (FY
2021: GBP5.5bn) and interactive investor assets under
administration of GBP52.3bn (FY 2021: GBPnil).
5.7 Surplus regulatory capital
The GBP0.6bn indicative capital surplus below includes a
deduction to allow for the proposed interim dividend which will be
paid in September 2022.
H1 2022 FY 2021
IFPR Group regulatory capital position GBPbn GBPbn
----------------------------------------------------- ------- -------
Common Equity Tier 1 capital resources 1.2 2.4
Additional Tier 1 capital resources 0.2 0.2
----------------------------------------------------- ------- -------
Total Tier 1 capital resources 1.4 2.6
Tier 2 capital resources 0.6 0.6
----------------------------------------------------- ------- -------
Total regulatory capital resources 2.0 3.2
Subordinated debt restrictions (0.3) (0.3)
----------------------------------------------------- ------- -------
Total regulatory capital resources available to meet
total regulatory capital requirements 1.7 2.9
Total regulatory capital requirements (1.1) (1.1)
----------------------------------------------------- ------- -------
Surplus regulatory capital 0.6 1.8
----------------------------------------------------- ------- -------
6. Glossary
Adjusted net financing costs and investment return
Adjusted net financing costs and investment return is a
component of adjusted profit and relates to the return from the net
assets of the shareholder business, net of costs of financing. This
includes the net assets in defined benefit staff pension plans and
net assets relating to the financing of subordinated
liabilities.
Adjusted operating expenses
Adjusted operating expenses is a component of adjusted operating
profit and relates to the day-to-day expenses of managing our
business.
Adjusted operating profit
A d justed operating profit before tax is the Group's key APM.
Adjusted operating profit includes the results of the Group's three
growth vectors: Investments, Adviser and Personal, along with
Corporate/strategic.
It excludes the Group's adjusted net financing costs and
investment return, and discontinued operations.
Adjusted operating profit also excludes the impact of the
following items:
-- Restructuring costs and corporate transaction expenses.
Restructuring includes the impact of major regulatory change.
-- Amortisation and impairment of intangible assets acquired in
business combinations and through the purchase of customer
contracts.
-- Profit or loss arising on the disposal of a subsidiary, joint
venture or equity accounted associate.
-- Change in fair value of/dividends from significant listed
investments.
-- Share of profit or loss from associates and joint
ventures.
-- Impairment loss/reversal of impairment loss recognised on
investments in associates and joint ventures accounted for using
the equity method.
-- Fair value movements in contingent consideration.
-- Items which are one-off and, due to their size or nature, are
not indicative of the long-term operating performance of the
Group.
Adjusted profit before tax
In addition to the results included in adjusted operating profit
above, adjusted profit before tax includes adjusted net financing
costs and investment return.
Assets under management and administration (AUMA)
AUMA is a measure of the total assets we manage, administer or
advise on behalf of our clients. It includes assets under
management (AUM), assets under administration (AUA) and assets
under advice (AUAdv). AUMA does not include assets for associates
and joint ventures.
AUM is a measure of the total assets that we manage on behalf of
individual and institutional clients. AUM also includes assets
managed for corporate purposes.
AUA is a measure of the total assets we administer for clients
through our Platforms.
AUAdv is a measure of the total assets we advise our clients on,
for which there is an ongoing charge.
Board
The Board of Directors of the Company.
Carbon intensity
Weighted-Average Carbon Intensity (WACI) is calculated by
summing the product of each company's weight in the portfolio or
loan book with that company's carbon-to-revenue intensity.
Carbon-to-revenue intensity is calculated by dividing the sum of
all apportioned emissions, with the sum of all apportioned revenues
across an investment portfolio or loan book. This metric gives an
indication of how efficient companies in a portfolio or loan book
are at generating revenues per tonne of carbon emitted.
Carbon neutral
Being carbon neutral means that carbon released through our
operational emissions is balanced by an equivalent amount being
removed through carbon offsetting. For the purposes of offsetting,
we include Scope 1, 2 and 3 emissions within our operational
emissions.
Carbon offsetting
Carbon offsetting is an internationally recognised way to take
responsibility for carbon emissions. The aim of carbon offsetting
is that for every one tonne of offsets purchased there will be one
less tonne of carbon dioxide in the atmosphere than there would
otherwise have been. To offset emissions we purchase the equivalent
volume of carbon credits (independently verified emissions
reductions) to compensate for our operational carbon emissions. We
work with Climate Impact Partners to offset our operational
greenhouse gas emissions and voluntarily offset via two verified
projects. We have historically supported a Gold Standard wind
turbine project in India and a Verified Carbon Standard (VCS)
Climate, Carbon, and Community rainforest protection project in
Gola. For our 2021 emissions, we supported the development of wind
energy in Nicaragua, with a Gold Standard Project, and a VCS
project in Malawi focused on forest conservation and provision of
clean cook stoves. We chose offsets that we knew were verifiable
and correctly accounted for and have a low risk of
non-additionality, reversal, and creating negative unintended
consequences for people and the environment . Our intention is to
review our approach in H2 2022 as the voluntary carbon market
continues to evolve.
Chief Operating Decision Maker
The executive leadership team.
Company
abrdn plc. Standard Life Aberdeen plc was renamed abrdn plc on 2
July 2021.
Cost/income ratio
This is an efficiency measure that is calculated as adjusted
operating expenses divided by fee based revenue.
CRD IV
CRD IV is the European regulatory capital regime (comprising the
Capital Requirements Directive and Capital Requirements Regulation)
that applied to investment firms up to and including 31 December
2021. The new IFPR regime came into force on 1 January 2022.
Director
A director of the Company.
Earnings per share (EPS)
EPS is a commonly used financial metric which can be used to
measure the profitability and strength of a company over time. EPS
is calculated by dividing profit by the number of ordinary shares.
Basic EPS uses the weighted average number of ordinary shares
outstanding during the year. Diluted EPS adjusts the weighted
average number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares, such as share options
awarded to employees.
Effective tax rate
Tax expense/(credit) attributable to equity holders' profit
divided by profit before tax attributable to equity holders'
profits expressed as a percentage.
Executive leadership team (ELT)
Our ELT leads the business across our growth vectors and
supporting functions globally and is responsible for executing and
monitoring progress on the delivery of our business plans. The ELT
also ensures we meet our obligations to our clients, people,
shareholders, regulators and partners.
Fair value through profit or loss (FVTPL)
FVTPL is an IFRS measurement basis permitted for assets and
liabilities which meet certain criteria. Gains or losses on assets
or liabilities measured at FVTPL are recognised directly in the
income statement.
FCA
Financial Conduct Authority of the United Kingdom.
Fee based revenue
Fee based revenue is a component of adjusted operating profit
and includes revenue we generate from asset management charges
(AMCs), platform charges, treasury income and other transactional
charges. AMCs are earned on products such as mutual funds, and are
calculated as a percentage fee based on the assets held. Investment
risk on these products rests principally with the client, with our
major indirect exposure to rising or falling markets coming from
higher or lower AMCs. Treasury income is the interest earned on
cash balances less the interest paid to customers. Fee based
revenue is shown net of fees, costs of sale, commissions and
similar charges. Costs of sale include revenue from fund platforms
which is passed to the product provider.
Fee revenue yield (bps)
The average revenue yield on fee based business is a measure
that illustrates the average margin being earned on the assets that
we manage, administer or advise our clients on excluding
interactive investor. It is calculated as annualised fee based
revenue (excluding performance fees, interactive investor and
revenue for which there are no attributable assets) divided by
monthly average fee based assets. interactive investor is excluded
from the calculation of Personal and total fee revenue yield as
fees charged for this business are primarily from subscriptions and
trading transactions.
Greenhouse gases
Greenhouse gases are those gaseous constituents of the
atmosphere, both natural and anthropogenic, that absorb and emit
radiation at specific wavelengths within the spectrum of thermal
infrared radiation emitted by the earth's surface, the atmosphere
itself, and by clouds. This property causes the greenhouse effect.
Water vapour (H2O), carbon dioxide (CO2), nitrous oxide (N2O),
methane (CH4) and ozone (O3) are the primary greenhouse gases in
the earth's atmosphere. Moreover, there are a number of entirely
human-made greenhouse gases in the atmosphere, such as halocarbons
and other chlorine- and bromine-containing substances, dealt with
under the Montreal Protocol. Beside CO2, N2O and CH4, the Kyoto
Protocol deals with the greenhouse gases sulphur hexafluoride
(SF6), hydrofluorocarbons (HFCs) and perfluorocarbons (PFCs).
Group or abrdn
Relates to the Company and its subsidiaries.
Growth vectors
We provide services across three growth vectors:
- I nvestments : Asset management investment solutions for
institutional, wholesale and insurance clients.
- Adviser : Our Wrap and Elevate adviser platforms.
- Personal : Comprises of Personal Wealth which includes our financial planning business and our direct-to-consumer services, and interactive investor following the completion of the acquisition in May 2022.
Internal Capital Adequacy and Risk Assessment (ICARA)
The ICARA is the means by which the Group assesses the levels of
capital and liquidity that adequately support all of the relevant
current and future risks in its business.
International Financial Reporting Standards (IFRS)
International Financial Reporting Standards are accounting
standards issued by the International Accounting Standards Board
(IASB).
Investment Firms Prudential Regime (IFPR)
The Investment Firms Prudential Regime is the FCA's new
prudential regime for MiFID investment firms. The regime came into
force on 1 January 2022.
Investment performance
Investment performance has been aggregated using a money
weighted average of our assets under management which are
outperforming their respective benchmark. Calculations for
investment performance are made gross of fees with the exception of
those for which the stated comparator is net of fees. Benchmarks
differ by fund and are defined in the relevant investment
management agreement or prospectus, as appropriate. The investment
performance calculation covers all funds that aim to outperform a
benchmark, with certain assets excluded where this measure of
performance is not appropriate or expected, such as private markets
and execution only mandates, as well as replication tracker funds
which aim to perform in line with a given index.
LBG tranche withdrawals
On 24 July 2019, the Group announced that it had agreed a final
settlement in relation to the arbitration proceedings between the
parties concerning LBG's attempt to terminate investment management
arrangements under which assets were managed by members of the
Group for LBG entities. In its decision of March 2019, the arbitral
tribunal found that LBG was not entitled to terminate these
investment management contracts. The Group had continued to manage
approximately GBP104bn (as at
30 June 2019) of assets under management (AUM) for LBG entities
during the period of the dispute. Approximately two thirds of the
total AUM (the transferring AUM) will be transferred to third party
managers appointed by LBG through a series of planned tranches from
24 July 2019. During this period, the Group will continue to be
remunerated for its services in relation to the transferring AUM.
The final tranche withdrawal was completed in H1 2022.
Net flows
Net flows represent gross inflows less gross outflows or
redemptions. Gross inflows are new funds from clients. Redemptions
is the money withdrawn by clients during the period.
Net zero
Net zero is the target of completely negating the amount of
greenhouse gases produced by human activity, to be achieved by
reducing emissions to the lowest possible amount and offsetting
(see carbon offsetting) only the remainder as a last resort.
Net Zero Direct Investing
Net Zero Directed Investing means moving towards the goal of net
zero in the real world - not just in specific investment
portfolios. At abrdn we seek to achieve this goal through a
holistic set of actions, including rigorous research into net-zero
trajectories, developing net-zero-directed investment solutions and
active ownership to influence corporates and policy makers.
Operational emissions
Operational emissions are the greenhouse gas emissions related
to the operations of our business. They are categorised into three
groups or 'scopes'. Scope 1 covers direct emissions from owned or
controlled sources. Scope 2 covers indirect emissions from the
generation of purchased electricity, steam, heating and cooling
consumed by the reporting company. Scope 3 includes all other
indirect emissions that occur in a company's value chain. At abrdn
we report Scope 1, Scope 2, and Scope 3 emissions, which includes
our working from home emissions.
Paris alignment
'Paris alignment' refers to the alignment of public and private
financial flows with the objectives of the Paris Agreement on
climate change. Article 2.1c of the Paris Agreement defines this
alignment as making finance flows consistent with a pathway towards
low greenhouse gas emissions and climate-resilient development.
Alignment in this way will help to scale up the financial flows
needed to strengthen the global response to the threat of climate
change.
Phoenix or Phoenix Group
Phoenix Group Holdings plc or Phoenix Group Holdings plc and its
subsidiaries.
Significant listed investments
Relates to our investments in HDFC Asset Management, HDFC Life
and Phoenix. Fair value movements and dividend income relating to
these investments are treated as adjusting items for the purpose of
determining the Group's adjusted profit.
Subordinated liabilities
Subordinated liabilities are debts of a company which, in the
event of liquidation, rank below its other debts but above share
capital. The 5.25% Fixed Rate Reset Perpetual Subordinated
Contingent Convertible Notes issued by the Company in December 2021
are classified as other equity as no contractual obligation to
deliver cash exists.
7. Shareholder information
Registered office
1 George Street
Edinburgh
EH2 2LL
Scotland
Company registration number: SC286832
For shareholder services call: 0371 384 2464*
* Calls are monitored/recorded to meet regulatory obligations
and for training and quality purposes. Call charges will vary.
Secretary: Kenneth A Gilmour
Registrar: Equiniti
Auditors: KPMG LLP
Solicitors: Slaughter and May
Brokers: JP Morgan Cazenove, Goldman Sachs
Shareholder services
We offer a wide range of shareholder services. For more
information, please:
-- Contact our registrar, Equiniti, who manage this service for
us. Their details can be found on the inside back cover.
-- Visit our share portal at www.abrdnshares.com
Sign up for Ecommunications
Signing up means:
-- You'll receive an email when documents like the Annual report
and accounts, Half year results and AGM guide are available on our
website.
-- Voting instructions for the Annual General Meeting will be sent to you electronically.
Set up a share portal account
Having a share portal account means you can:
-- Manage your account at a time that suits you.
-- Download your documents when you need them.
To find out how to sign up, visit www.abrdnshares.com
Preventing unsolicited mail
By law, the Company has to make certain details from its share
register publicly available. As a result it is possible that some
registered shareholders could receive unsolicited mail, emails or
phone calls. You could also be targeted by fraudulent 'investment
specialists', clone firms or scammers posing as government bodies
e.g. HMRC, FCA. Frauds are becoming much more sophisticated and may
use real company branding, the names of real employees or email
addresses that appear to come from the company. If you get a social
or email message and you're unsure if it is from us, you can send
it to emailscams@abrdn.com and we'll let you know .
You can also check the FCA warning list and warning from
overseas regulators, however, please note that this is not an
exhaustive list and do not assume that a firm is legitimate just
because it does not appear on the list as fraudsters frequently
change their name and it may not have been reported yet.
www.fca.org.uk/consumers/unauthorised-firms-individuals
www.iosco.org/investor_protection/?subsection=investor_alerts_portal
You can find more information about share scams at the Financial
Conduct Authority website www.fca.org.uk/consumers/scams
If you are a certificated shareholder, your name and address may
appear on a public register. Using a nominee company to hold your
shares can help protect your privacy. You can transfer your shares
into the Company-sponsored nominee - the abrdn Share Account - by
contacting Equiniti, or you could get in touch with your broker to
find out about their nominee services.
If you want to limit the amount of unsolicited mail you receive
generally, please visit www.mpsonline.org.uk
Financial calendar
Half year results 2022 9 August
Ex-dividend date for 2022 18 August
interim dividend
Record date for 2022 interim 19 August
dividend
Last date for DRIP elections 7 September
for 2022 interim dividend
Dividend payment date for 27 September
2022 interim dividend
---------------------------- ------------
Analysis of registered shareholdings at 30 June 2022
% of % of
Range Number total Number total
of shares of holders holders of shares shares
-------------- ----------- -------- ------------- -------
1-1,000 59,344 65.69 23,754,048 1.09
1,001-5,000 26,379 29.20 54,294,871 2.49
5,001-10,000 2,642 2.92 17,651,293 0.81
10,001-100,000 1,481 1.64 36,159,333 1.66
(#) 100,001+ 499 0.55 2,048,866,415 93.95
-------------- ----------- -------- ------------- -------
Total 90,345 100.00 2,180,725,960 100.00
-------------- ----------- -------- ------------- -------
# These figures include the Company-sponsored nominee - the
abrdn Share Account - which had 927,858 participants holding
643,129,574 shares.
8. Forward-looking statements
This document may contain certain 'forward-looking statements'
with respect to the financial condition, performance, results,
strategies, targets, objectives, plans, goals and expectations of
the Company and its affiliates. These forward-looking statements
can be identified by the fact that they do not relate only to
historical or current facts.
Forward-looking statements are prospective in nature and are not
based on historical or current facts, but rather on current
expectations, assumptions and projections of management of the
abrdn Group about future events, and are therefore subject to known
and unknown risks and uncertainties which could cause actual
results to differ materially from the future results expressed or
implied by the forward-looking statements.
For example but without limitation, statements containing words
such as 'may', 'will', 'should', 'could', 'continues', 'aims',
'estimates', 'projects', 'believes', 'intends', 'expects', 'hopes',
'plans', 'pursues', 'ensure', 'seeks', 'targets' and 'anticipates',
and words of similar meaning (including the negative of these
terms), may be forward-looking. These statements are based on
assumptions and assessments made by the Company in light of its
experience and its perception of historical trends, current
conditions, future developments and other factors it believes
appropriate.
By their nature, all 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 Group's control, including among other
things: UK domestic and global political, economic and business
conditions, (such as the UK's exit from the EU and the ongoing
conflict between Russia and Ukraine); market related risks such as
fluctuations in interest rates and exchange rates, and the
performance of financial markets generally; the impact of inflation
and deflation; the impact of competition; the timing, impact and
other uncertainties associated with future acquisitions, disposals
or combinations undertaken by the Company or its affiliates and/or
within relevant industries; experience in particular with regard to
mortality and morbidity trends, lapse rates and policy renewal
rates; the value of and earnings from the Group's strategic
investments and ongoing commercial relationships; default by
counterparties; information technology or data security breaches
(including the Group being subject to cyberattacks); operational
information technology risks, including the Group's operations
being highly dependent on its information technology systems (both
internal and outsourced); natural or man-made catastrophic events;
the impact of pandemics, such as the COVID-19 (coronavirus)
outbreak; climate change and a transition to a low-carbon economy
(including the risk that the Group may not achieve its targets);
exposure to third party risks including as a result of outsourcing;
the failure to attract or retain necessary key personnel; the
policies and actions of regulatory authorities and the impact of
changes in capital, solvency or accounting standards, and tax and
other legislation and regulations (including changes to the
regulatory capital requirements that the Group is subject to in the
jurisdictions in which the Company and its affiliates operate. As a
result, the Group's actual future financial condition, performance
and results may differ materially from the plans, goals, objectives
and expectations set forth in the forward-looking statements.
The Company, nor any of its associates, 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 document will actually occur.
Persons receiving this document should not place reliance on
forward-looking statements. All forward-looking statements
contained in this document are expressly qualified in their
entirety by the cautionary statements contained or referred to in
this section. Each forward-looking statement speaks only as at the
date of the particular statement. Neither the Company nor its
affiliates assume any obligation to update or correct any of the
forward-looking statements contained in this document or any other
forward-looking statements it or they may make (whether as a result
of new information, future events or otherwise), except as required
by law. Past performance is not an indicator of future results and
the results of the Company and its affiliates in this document may
not be indicative of, and are not an estimate, forecast or
projection of, the Company's or its affiliates' future results.
Contact us
Got a shareholder question? Contact our shareholder services
team.
UK and overseas (excluding Germany and Austria)
phone +44 (0)371 384 2464*
email questions@abrdnshares.com
visit www.abrdnshares.com
mail abrdn Shareholder Services Aspect House
Spencer Road Lancing, West Sussex
BN99 6DA, United Kingdom
Germany and Austria
phone +44 (0)371 384 2493*
email fragen@abrdnshares.com
visit www.abrdnshares.com
mail abrdn Shareholder Services Aspect House
Spencer Road Lancing, West Sussex
BN99 6DA, United Kingdom
* Calls are monitored/recorded to meet regulatory obligations
and for training and quality purposes. Call charges will vary.
Please remember that the value of shares can go down as well as
up and you may not get back the full amount invested or any income
from it. All figures and share price information have been
calculated as at 30 June 2022 (unless otherwise indicated).
This document has been published by abrdn plc for information
only. It is based on our understanding as at August 2022 and does
not provide financial or legal advice.
abrdn plc is registered in Scotland (SC286832) at 1 George
Street, Edinburgh EH2 2LL.
www.abrdn.com (c) 2022 abrdn, images reproduced under licence.
All rights reserved.
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