Q3 2026 AUMA & Flows Trading Update

Aberdeen

Yesterday 07:00

RNS Number : 7458Z
  
Aberdeen Group PLC
  
21 October 2026
  
 


 

 
 
21 October 2026
Aberdeen Group plc
Q3 2026: AUMA and flows trading update
 
Key highlights:
 
- AUMA of £578.9bn up 4% (31 December 2025: £556.0bn), reflecting positive markets and acquisitions.
- Continued strong growth in interactive investor, with Q3 net inflows of £2.5bn up 32% year-on-year and YTD net inflows of £9.3bn also up 58%. Total customers up 8% to 533k (Q3 2025: 492k), with SIPP customers up 34%.
- Adviser AUMA of £84.5bn, up 5% (31 December 2025: £80.4bn) with Q3 net outflows of £0.7bn in line with Q2.
- Investments AUM of £393.2bn. Q3 net inflows in I&RW of £1.0bn, excluding liquidity, benefiting from strong trends in fixed income, real assets and alternatives.
- Sale of half of our stake in Standard Life in early October for c.£430m.
- Confident in the delivery of the Group's FY 2026 targets of adjusted operating profit of at least £300m and net capital generation of c.£300m.
 
AUMA and flows (unaudited)
 








          AUMA


Net flows








30 Sep 26


30 Jun 26


31 Dec 25


Q3 2026 YTD


Q3 2025 YTD


Q3 2026


Q3 2025








£bn


£bn


£bn


£bn


£bn


£bn


£bn




Wealth
































interactive investor


111.8


107.7


97.5


9.3


5.9


2.5


1.9




Adviser


84.5


84.8


80.4


(2.0)


(1.4)


(0.7)


(0.5)




Investments
































Institutional & Retail Wealth


219.5


218.9


222.7


(7.1)


(0.3)


0.5


(0.7)




Insurance Partners


173.7


178.6


167.7


(3.3)


(5.6)


(2.5)


(1.1)




Investments total


393.2


397.5


390.4


(10.4)


(5.9)


(2.0)


(1.8)




Eliminations


(10.6)


(10.6)


(12.3)


(0.2)


-


(0.1)


(0.1)




Total


578.9


579.4


556.0


(3.3)


(1.4)


(0.3)


(0.5)




 
Jason Windsor, Chief Executive Officer, said:
 
"In Q3 we have been firmly focused on delivering against our strategy, building on the progress already made.
 
"interactive investor's strong growth has continued, with year-to-date net inflows of £9.3bn, customer numbers increasing to 533k, and year-on-year growth of 34% in SIPP customers. Customer engagement has also been strong, with trading activity well above last year's average, albeit lower than the elevated levels earlier this year. 
 
"In Adviser, net outflows of £0.7bn were in line with Q2. While returning to net inflows is taking longer than anticipated, we continue to take significant steps forward. The platform is performing well and we are confident the changes we are making will successfully position the business to meet the needs of the rapidly evolving IFA market.
 
"In Investments, our I&RW business delivered net inflows of £1.0bn ex-liquidity, with good momentum across key growth areas, including fixed income, real assets and alternatives.
 
"With positive momentum across the Group, we remain confident in delivering our FY 2026 Group targets of adjusted operating profit of at least £300m and net capital generation of c.£300m."
 
 
 
All figures in this announcement are unaudited and subject to revision.




 
interactive investor (ii): Strong growth continues
- Continued growth in customer numbers, with total customers of 533k up 8% year-on-year. Strong growth in SIPPs with 131k customers, up 34% year-on-year.
- In a seasonally quieter quarter, Q3 net inflows were 32% higher at £2.5bn (Q3 2025: £1.9bn). YTD net inflows of £9.3bn, 58% higher year-on-year, demonstrating the continued appeal of ii's proposition.
- AUMA of £111.8bn up 19% (31 December 2025: £93.9bn1), also benefiting from positive markets.
- Following the elevated activity in the first half, daily average retail trades were up 6% versus Q3 2025, at 28.1k.
- ii's record of delivery continues with the recent full launch of ii Advice, ii360 (the advanced trading platform), and our enhanced Premium Service.
 




 
Adviser: Improved service and strengthened leadership, net flows remain challenging
- The return to net inflows is taking longer than anticipated, with net outflows in Q3 of £0.7bn unchanged relative to Q2. Within this, we saw gross inflows into Wrap of £1.4bn and continued net inflows into MPS.
- AUMA of £84.5bn up 5% (31 December 2025: £80.4bn) reflecting positive markets.
- Good traction in Aberdeen SIPP following its launch in December 2025, with AUM now over £1.4bn.
- Completed insourcing of service teams in July, giving us more control of the end-to-end customer experience.
- Adviser CEO Richard Denning has strengthened his leadership team to support a more targeted take-to-market strategy, with recent hires including a new Chief Distribution Officer and Chief Client Experience Officer.
 




 
Investments: Net inflows in fixed income, real assets and alternatives
- Institutional and Retail Wealth (I&RW) net inflows excluding liquidity of £1.0bn (Q3 2025: £0.2bn) included net inflows of £0.9bn, £1.1bn and £0.8bn in fixed income, real assets and alternatives respectively. 
- Encouraging trends in strategic focus areas, with real asset growth including positive inflows relating to our partnership with Border to Coast and rail infrastructure projects, and flows into commodity and precious metal ETFs within alternatives.
- Equities net outflows of £1.9bn (Q3 2025: £1.6bn net outflow) remained a headwind in Q3, although we have seen positive momentum and net inflows across our GEM income product range.
- Insurance Partners outflows of £2.5bn (Q3 2025: £1.1bn) largely reflect Standard Life's heritage business in run-off.
-  Total AUM was up at £393.2bn (31 December 2025: £390.4bn) with the year-to-date increase driven by positive markets and the acquisitions of Herald Investment Trust (£0.8bn) and the MFS closed end funds (£1.3bn).
 




 
Outlook
- In October we reduced our stake in Standard Life plc from c.10.3% to c.5.2%, generating c.£430m. We intend to deploy these proceeds in accordance with our disciplined capital allocation policy, which is focused on maintaining a strong balance sheet, investing in the business to support sustainable profitable growth, reducing and optimising debt over time, and delivering sustainable returns to shareholders.
- Consistent with this policy, and as indicated at our HY 2026 results, we have notified relevant bondholders that we will redeem £210m of Additional Tier 1 (AT1) debt at its first call date in December 2026.
- We are confident in the delivery of the Group's FY 2026 targets of adjusted operating profit of at least £300m and net capital generation of c.£300m.
 




 
1. Excludes financial planning business AUMA of £3.6bn, the sale of which concluded on 30 January 2026.
 
 
Management will be hosting a call for analysts at 8:30am (BST). To access a webcast of the conference call, please use the following link: https://brrmedia.news/ABDN_Q3_26




Enquiries:




Institutional equity investors and analysts












Duncan Heath


0207 1562 495
0788 4109 285


Corbin Chaplin


0131 3729 133
0777 4332 428




Media












Duncan Young


0792 0868 865


Iain Dey (Teneo)


0797 6295 906




 
 
Appendix
 
interactive investor 
Quarterly net flows and additional data








Q3 2026


Q2 2026


Q1 2026


Q4 2025


Q3 2025


Q2 2025


Q1 2025




Total customers at period end1,2 (k)


533


525


513


500


492


461


450




Customers holding a SIPP account1,2 (k)


131


125


116


105


98


92


88






































Net flows (£bn)


2.5


3.8


3.0


1.4


1.9


2.4


1.6




Customer cash balances1 (£bn)


8.3


8.6


8.7


8.0


7.3


7.0


6.8




Daily average retail trading volumes1 (k)


28.1


36.1


35.4


29.2


26.6


26.4


24.0






































Market Share: Trades UK Cash Market1,3


-


30%


30%


29%


29%


27%


26%




Market Share: Trades non-UK1,3


-


32%


32%


35%


34%


31%


31%




Market Share: SIPP AUA1,3


-


21%


21%


20%


19%


18%


18%




Market Share: Total AUA1,3


-


21%


21%


21%


21%


21%


20%




1.   Excludes our financial planning business.
2.   Q4 2025 and Q3 2025 total customers are presented net of Jarvis customers who were expected to close their accounts by mid-2026 - based on trends seen from previous M&A activity.
3.   Source: BWC Benchmarking, data for Q3 2026 not yet available.
 
Analysis of AUMA                                                                                  








Opening AUMA
 at 1 Jul 2026


Gross inflows


Redemptions


Net flows


Market and other movements


Corporate actions4


Closing AUMA at 30 Sep 26




3 months ended 30 September 2026


£bn


£bn


£bn


£bn


£bn


£bn


£bn




Wealth
































interactive investor


107.7


5.1


(2.6)


2.5


1.6


-


111.8




Adviser1


84.8


1.9


(2.6)


(0.7)


0.4


-


84.5




Investments


 


 


 


 


 


 


 




Institutional & Retail Wealth


218.9


10.0


(9.5)


0.5


(1.0)


1.1


219.5




Insurance Partners2


178.6


3.7


(6.2)


(2.5)


(2.4)


-


173.7




Investments total


397.5


13.7


(15.7)


(2.0)


(3.4)


1.1


393.2




Eliminations3


(10.6)


(0.9)


0.8


(0.1)


0.1


-


(10.6)




Total AUMA


579.4


19.8


(20.1)


(0.3)


(1.3)


1.1


578.9




 








Opening AUMA at
1 Jan 2026


Gross inflows


Redemptions


Net flows


Market and other movements


Corporate actions6


Closing AUMA at 30 Sep 26




9 months ended 30 September 2026


£bn


£bn


£bn


£bn


£bn


£bn


£bn




Wealth
































interactive investor5


97.5


17.4


(8.1)


9.3


8.6


(3.6)


111.8




Adviser1


80.4


5.5


(7.5)


(2.0)


6.1


-


84.5




Investments
































Institutional & Retail Wealth


222.7


29.5


(36.6)


(7.1)


1.8


2.1


219.5




Insurance Partners2


167.7


13.1


(16.4)


(3.3)


9.3


-


173.7




Investments total


390.4


42.6


(53.0)


(10.4)


11.1


2.1


393.2




Eliminations3


(12.3)


(2.7)


2.5


(0.2)


(0.6)


2.5


(10.6)




Total AUMA


556.0


62.8


(66.1)


(3.3)


25.2


1.0


578.9




1.   Includes Platform AUA at 30 September 2026 of £80.7bn (30 June 2026: £81.1bn, 31 December 2025: £77.0bn).
2.   Insurance Partners AUM at 30 September 2026 includes £172.5bn (30 June 2026: £177.5bn; 31 December 2025: £166.6bn) relating to Standard Life plc and £1.2bn (30 June 2026: £1.1bn; 31 December 2025: £1.1bn) of other AUM.
3.   Eliminations remove the double count reflected in Investments, Adviser and ii.
4.   Corporate actions in Q3 2026 relate to the acquisition of Herald Investment Trust (£0.8bn) and MFS closed end funds (£0.3bn).
5.   AUA at 1 January 2026 includes £3.6bn in relation to the financial planning business. The sale of this business completed on 30 January 2026.
6.   Corporate actions for the 9 months to 30 September 2026 relate to the sale of the financial planning business (ii and Eliminations) and the acquisitions of Herald Investment Trust (£0.8bn) and MFS closed end funds (£1.3bn).
 
 Quarterly AUMA








30 Sep 26


30 Jun 26


31 Mar 26


31 Dec 25


30 Sep 25




12 months ended 30 September 2026


£bn


£bn


£bn


£bn


£bn




Wealth
























interactive investor


111.8


107.7


95.3


97.5


93.0




Adviser


84.5


84.8


78.6


80.4


79.0




Investments
























Institutional & Retail Wealth


219.5


218.9


214.5


222.7


218.0




Insurance Partners


173.7


178.6


168.9


167.7


164.3




Investments total


393.2


397.5


383.4


390.4


382.3




Eliminations


(10.6)


(10.6)


(9.6)


(12.3)


(11.9)




Total AUMA


578.9


579.4


547.7


556.0


542.4




 
 Quarterly net flows








3 months to
30 Sep 26


3 months to
30 Jun 26


3 months to
31 Mar 26


3 months to
31 Dec 25


3 months to
30 Sep 25




15 months ended 30 September 2026


£bn


£bn


£bn


£bn


£bn




Wealth
























interactive investor


2.5


3.8


3.0


1.4


1.9




Adviser


(0.7)


(0.7)


(0.6)


(0.8)


(0.5)




Investments


 




















Institutional & Retail Wealth


0.5


(2.2)


(5.4)


(1.8)


(0.7)




Insurance Partners


(2.5)


(0.8)


-


(1.2)


(1.1)




Investments total


(2.0)


(3.0)


(5.4)


(3.0)


(1.8)




Eliminations


(0.1)


(0.2)


0.1


(0.1)


(0.1)




Total net flows


(0.3)


(0.1)


(2.9)


(2.5)


(0.5)








Institutional & Retail Wealth AUM
Detailed asset class split








Opening AUM at 1 Jul 2026


Gross inflows


Redemptions


Net flows


Market and other movements


Corporate actions1


Closing AUM at 30 Sep 26




3 months ended 30 September 2026


£bn


£bn


£bn


£bn


£bn


£bn


£bn




Developed markets equities


8.4


0.2


(0.6)


(0.4)


-


0.8


8.8




Emerging markets equities


10.5


0.5


(1.1)


(0.6)


(0.3)


-


9.6




Asia Pacific equities


10.7


0.3


(0.7)


(0.4)


(0.2)


-


10.1




Global equities


9.0


0.3


(0.8)


(0.5)


(0.1)


-


8.4




Total equities


38.6


1.3


(3.2)


(1.9)


(0.6)


0.8


36.9




Developed markets credit


27.4


1.9


(1.1)


0.8


(1.0)


0.3


27.5




Developed markets rates


2.0


0.1


(0.4)


(0.3)


-


-


1.7




Emerging markets fixed income


12.0


0.6


(0.2)


0.4


(0.2)


-


12.2




Total fixed income


41.4


2.6


(1.7)


0.9


(1.2)


0.3


41.4




Diversified growth/income


0.8


-


-


-


-


-


0.8




MyFolio


13.5


0.5


(0.5)


-


(0.2)


-


13.3




Other multi-asset


7.6


0.2


(0.3)


(0.1)


-


-


7.5




Total multi-asset


21.9


0.7


(0.8)


(0.1)


(0.2)


-


21.6




UK real estate


15.5


0.7


(0.1)


0.6


(0.1)


-


16.0




European real estate


10.6


-


-


-


(0.1)


-


10.5




Global real estate


1.8


0.1


(0.1)


-


-


-


1.8




Real estate multi-manager


2.7


-


-


-


(0.1)


-


2.6




Infrastructure equity


6.8


0.5


-


0.5


(0.3)


-


7.0




Total real assets


37.4


1.3


(0.2)


1.1


(0.6)


-


37.9




Alternatives and private market solutions


19.4


0.1


(0.2)


(0.1)


1.1


-


20.4




Commodities


13.7


1.3


(0.4)


0.9


0.9


-


15.5




Private credit


1.4


-


-


-


0.1


-


1.5




Total alternative investment solutions


34.5


1.4


(0.6)


0.8


2.1


-


37.4




Total quantitative


27.0


1.7


(1.5)


0.2


(0.1)


-


27.1




Total excluding liquidity


200.8


9.0


(8.0)


1.0


(0.6)


1.1


202.3




Total liquidity


18.1


1.0


(1.5)


(0.5)


(0.4)


-


17.2




Total


218.9


10.0


(9.5)


0.5


(1.0)


1.1


219.5




 
1.   Corporate actions in Q3 2026 relate to the acquisition of Herald Investment Trust (£0.8bn) and MFS closed end funds (£0.3bn).
 








Opening AUM at 1 Jan 2026


Gross inflows


Redemptions


Net flows


Market and other movements


Corporate actions2


Closing AUM at 30 Sep 26




9 months ended 30 September 2026


£bn


£bn


£bn


£bn


£bn


£bn


£bn




Developed markets equities


9.8


0.6


(2.9)


(2.3)


0.5


0.8


8.8




Emerging markets equities


9.0


1.5


(3.3)


(1.8)


2.4


-


9.6




Asia Pacific equities


12.8


0.9


(4.8)


(3.9)


1.2


-


10.1




Global equities


8.6


1.0


(1.7)


(0.7)


0.5


-


8.4




Total equities


40.2


4.0


(12.7)


(8.7)


4.6


0.8


36.9




Developed markets credit


26.5


4.1


(3.5)


0.6


(0.9)


1.3


27.5




Developed markets rates


2.4


0.4


(0.9)


(0.5)


(0.2)


-


1.7




Emerging markets fixed income


11.0


2.2


(1.2)


1.0


0.2


-


12.2




Total fixed income


39.9


6.7


(5.6)


1.1


(0.9)


1.3


41.4




Diversified growth/income


0.8


0.1


(0.1)


-


-


-


0.8




MyFolio1


15.7


1.4


(1.9)


(0.5)


(1.9)


-


13.3




Other multi-asset


7.6


0.7


(0.8)


(0.1)


-


-


7.5




Total multi-asset


24.1


2.2


(2.8)


(0.6)


(1.9)


-


21.6




UK real estate


16.2


1.0


(0.4)


0.6


(0.8)


-


16.0




European real estate


11.0


-


-


-


(0.5)


-


10.5




Global real estate


1.7


0.2


(0.2)


-


0.1


-


1.8




Real estate multi-manager


1.3


1.4


-


1.4


(0.1)


-


2.6




Infrastructure equity


6.8


0.8


(0.3)


0.5


(0.3)


-


7.0




Total real assets


37.0


3.4


(0.9)


2.5


(1.6)


-


37.9




Alternatives and private market solutions


18.3


0.5


(0.3)


0.2


1.9


-


20.4




Commodities


15.8


3.1


(2.9)


0.2


(0.5)


-


15.5




Private credit


1.8


0.1


(0.2)


(0.1)


(0.2)


-


1.5




Total alternative investment solutions


35.9


3.7


(3.4)


0.3


1.2


-


37.4




Total quantitative


25.2


5.9


(5.1)


0.8


1.1


-


27.1




Total excluding liquidity


202.3


25.9


(30.5)


(4.6)


2.5


2.1


202.3




Total liquidity


20.4


3.6


(6.1)


(2.5)


(0.7)


-


17.2




Total


222.7


29.5


(36.6)


(7.1)


1.8


2.1


219.5




 
1.   Market and other movements include the transfer of £3.0bn of assets from MyFolio funds in Institutional & Retail Wealth to Insurance Partners.
2.   Corporate actions in 2026 relate to the acquisitions of Herald Investment Trust (£0.8bn) and MFS closed end funds (£1.3bn).
 
Forward-looking statements
This announcement contains statements that are or may be "forward-looking statements". All statements other than statements of historical facts included in this announcement may be forward-looking statements, including statements that relate to the Aberdeen Group's future prospects, developments and strategies. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as "plans", "expects", "is expected", "believes", "targets", "aims", "anticipates", "projects", "would", "could", "should", "may", "might", "envisages", "estimates", "intends", "underway", or the negative of those, or by the use of references to assumptions, budgets, strategies, prospects and schedules.
Although the Aberdeen Group believes that the expectations reflected in such forward-looking statements are reasonable as at the date of this announcement, it can give no assurance that such expectations will prove to be correct. 
By their nature, forward-looking statements involve risk and uncertainty because they are based on information available at the time they are made, including current expectations and assumptions, and relate to future events and/or depend on circumstances which may be or are beyond the Aberdeen Group's control.
Neither Aberdeen Group plc, its affiliates nor any of its associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur. Recipients of this announcement should not place any reliance on these forward-looking statements and all forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by law or regulation, neither Aberdeen Group plc nor its affiliates assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Past performance is not an indicator of future results and the results of Aberdeen Group plc and its affiliates in this document may not be indicative of, and are not an estimate, forecast or projection of, Aberdeen Group plc's or its affiliates' future results.
Please see Aberdeen Group plc's most recent Annual Report and Accounts for further detail of the risks, uncertainties and other factors relevant to its business and securities.
 
LEI: 0TMBS544NMO7GLCE7H90




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