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/Illustrationfell to a full-year pretax loss and reported a slide in client funds for 2022, as global markets turmoil and runaway inflation weighed on its finances.
A rout in equity and bond markets last year, exacerbated by rising geopolitical tensions and the war in Ukraine, have squeezed investment manager earnings. Abrdn reported a 615 million pound pretax loss for the year ended Dec. 31, compared to a 1.1 billion pound profit the prior year. The firm's assets under management fell 8% to 500 billion pounds from 542 billion pounds, while the company reported a further year of net outflows of client funds.
The company's chief executive Stephen Bird said 2022 had been "one of the toughest investing years in living memory", but added the firm was resilient and had posted an annual profit on an adjusted operating basis of 263 million pounds.
The calm before the storm. The main storm is forming.