(Reuters) – Abrdn Plc (ABDN.L), a UK-based global investment and asset management company headquartered in Edinburgh, Scotland; reported a plunge in its assets under management (AUM) during the first half of this year amid disturbing investor sentiments on global markets turmoil and Britain’s economic woes.
As reported by fund network Calastone in July, that British investors are playing safe in the current economic situation and pulling out the capital from equity markets, rather investing in much stable streams like money markets and fixed income, which are guaranteeing higher returns attributable to high interest yields in the country.
Abrdn, which is listed in the London Stock Exchange, has reported a decline in its asset under management by 0.86% in the first half of the current year from 500 billion pounds in December 2022 to 495.7 billion pounds ($632.61 billion) in June 2023.
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Pertaining to the current outflow from its assets, abrdn has announced to raise its share buyback plan to 300 million pounds up from 150 million pounds it had initially planned in June.
Though, Abrdn reported its adjusted operating profit for the first-half to have increased by 10% to 127 million pounds due to cost cutting in the company; it missed the company’s analysts’ expectations of 133 million pounds operating profit by a slight margin.
($1 = 0.7836 pounds)
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