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Abrdn lost vowels but gained profits over H1

Abrdn has increased profit by 52% to £160m over the first half of the year, with revenue up 7% to £755m.

Profit before tax rose to £113m, against H1 2020’s loss of nearly £500m.

The investment giant’s first results without most of its vowels showed assets under management dipping slightly – by 1% – to £532bn.

CEO Stephen Bird said the results showed a “strong start” to abrdn’s three-year growth plan. “Each of our three growth vectors have delivered higher revenue and profit, contributing to the highest overall rates of growth since the merger.”

Bird added: “Private markets and alternatives are a central plank of the abrdn growth story.”

The strategic review of the firm’s real estate capabilities has resulted in abrdn bringing together its real estate and infrastructure capabilities into a £37bn real assets franchise, housed within the £252bn institutional and wholesale arm.

“The acquisition of Tritax is a great example of our ambitions in real assets, bringing with it exposure and expertise in the fast-growing logistics and e-commerce real estate market,” Bird said.

He noted that since completing the deal in April Tritax had beaten its fundraising target by more than 10%.

Bird also seemed to dismiss critics of his company’s rebranding. “We have a clarity of focus under our new brand and are better positioned to have impact at scale as a global business,” he said. “We are at the beginning of the journey and we are moving at pace to build our new future.”

To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews

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