Abrdn PLC (LSE:ABDN) shares fell 9% after the company reported a fall in assets under management, reflecting net outflows of £4.4 billion, worse than the City had predicted.
The news came as the firm doubled its share buy-back programme in a mixed bag of half-year numbers in what it called a challenging macro environment.
The Edinburgh-based fund manager reported a 4% increase in net operating revenue to £721 million in the six months to 30 June 2023, with growth in Adviser and Personal offsetting lower revenue in Investments, while adjusted operating profit of £127 million was 10% higher than a year ago.
Pre-tax loss on an IFRS reported basis narrowed to £169 million from £326 million.
But assets under management fell 1% to £496 billion, reflecting net outflows of £4.4 billion during the period.
The cost/income ratio improved marginally to 82% from 83% a year ago and abrdn said it was on track to deliver £75 million cost savings.
It added that it was close to completing its initial £150 million share buyback, announcing an extension of another £150 million, bringing the programme to £300 million.
The dividend was left unchanged at 7.3p.