Businessman toy figure is placed on U.K. Pound coins in front of displayed Abrdn logo in this illustration taken, November 8, 2021. REUTERS/Dado Ruvic/Illustration/File Photoon Tuesday reported a drop in its half-yearly assets under management as global markets turmoil and Britain's economic chills weighed on investor sentiment.
British investors are seen playing safe, pulling out from equity funds in favour of money market and fixed-income funds in June, fund network Calastone had said last month, as they deal with higher inflation and interest rates. The London-listed company reported assets under management of 495.7 billion pounds for the half year ended June 30, compared with 500 billion pounds at December-end.The company raised its share buyback plan to 300 million pounds from 150 million pounds announced in June.
Adjusted operating profit for the first half rose 10% to 127 million pounds as the company kept a lid on costs. Still, abrdn missed analysts' estimate of a profit of 133 million pounds, according to company-compiled estimates.