REG - Aberdeen Group PLC - Q1 2026 AUMA & Flows Trading Update
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RNS Number : 3874B Aberdeen Group PLC 22 April 2026
22 April 2026
Aberdeen Group plc
Q1 2026: AUMA and flows trading update
Key highlights:
- Robust Group performance in Q1 despite market headwinds, with particular
strength in interactive investor.
- AUMA of £547.7bn (31 December 2025: £556.0bn), with movements in the
quarter reflecting the divestment of the financial planning business, lower
markets, and net outflows of £(2.9)bn.
- Continued strong growth in interactive investor, with total customers up 14%
year-on-year to 513k and a record quarter for both net inflows at £3.0bn and
daily average retail trades (DARTs) at 35k.
- Adviser net outflows of £(0.6)bn with higher gross inflows and improvement
in MPS. New CEO appointed to drive return to growth.
- Investments AUM of £383.4bn, lower than Q4, principally reflecting the
previously announced c.£4bn lower margin equities withdrawals and adverse
market movements, partly offset by continued net inflows into fixed income.
- We are firmly committed to the delivery of the Group's FY2026 targets of
adjusted operating profit of at least £300m and net capital generation of
c.£300m.
AUMA and flows (unaudited)
AUMA Net flows
31 Mar 26 31 Dec 25 Q1 2026 Q1 2025
£bn £bn £bn £bn
Wealth
interactive investor(1) 95.3 97.5 3.0 1.6
Adviser 78.6 80.4 (0.6) (0.6)
Investments
Institutional & Retail Wealth 214.5 222.7 (5.4) (4.1)
Insurance Partners 168.9 167.7 0.0 (2.3)
Investments total 383.4 390.4 (5.4) (6.4)
Eliminations (9.6) (12.3) 0.1 0.2
Total 547.7 556.0 (2.9) (5.2)
1. Includes financial planning business AUA of £3.6bn as at 31
December 2025.
All figures in this announcement are unaudited and subject to revision.
Jason Windsor, Chief Executive Officer, said:
"We continued to deliver against our strategy in Q1, despite the backdrop of
heightened geopolitical and market uncertainty.
"interactive investor delivered a record quarter across a range of key metrics
- supported by continued strong growth in SIPP customers. Net inflows of
£3.0bn were 88% higher than Q1 last year, with customer numbers up 14%
year-on-year.
"In Adviser, we have seen an increase in gross inflows and we continue to
reposition the business for a return to sustainable growth. Rich Denning has
been appointed as our new Adviser CEO and we are bringing key service teams
back in-house to streamline the client experience.
"In Investments, performance in the quarter was largely as expected, despite
geopolitical uncertainty. Outflows were mainly driven by anticipated
redemptions, while we recorded progress in fixed income, real assets, and in
our emerging market franchise. We have stronger investment performance and
growing confidence in our pipeline.
"Looking ahead, we remain focused on delivery of our 2026 targets, while
supporting customers through ongoing market uncertainty."
interactive investor (ii): Record customer growth, net flows and engagement
- Continued growth, with total customers of 513k up 14% year-on-year.
Excluding the Jarvis acquisition, customer growth was c.9%.
- Record number of SIPP transfers with SIPP customers up 32% year-on-year and
10% in the quarter to 116k.
- Increased trading reflecting market volatility and FX repricing to improve
competitiveness. DARTs of 35k, c.21% higher than previous quarter (Q4 2025).
- Highest ever quarterly net inflows of £3.0bn, up 88% year-on-year (Q1 2025:
£1.6bn), benefiting from increasing brand awareness and repricing which has
further enhanced our market-leading offering.
- AUA of £95.3bn (31 December 2025: £97.5bn), with record net inflows offset
by lower markets and the disposal of the financial planning business at the
end of January (£3.6bn impact).
- Customer cash balances c.9% higher at £8.7bn (31 December 2025: £8.0bn)
reflecting underlying growth and customer behaviour in volatile markets.
Adviser: Q1 flows stable, new CEO appointed to drive return to growth
- Net outflows of £(0.6)bn (Q1 2025: £(0.6)bn) flat year-on-year, with an
increase in gross inflows from £1.7bn to £1.9bn offset by a corresponding
increase in redemptions.
- AUMA of £78.6bn (31 December 2025: £80.4bn) also affected by lower
markets.
- Continued focus on service with key service teams to be brought in-house.
Client engagement hub net promoter score remains above target at >+50.
- Very good momentum in Aberdeen SIPP, with c.3k new customers since launch in
December 2025.
- Rich Denning to join in May as CEO, with a clear focus on growth and
continued service enhancement.
Investments: Wins in fixed income, real assets and Insurance offset by
equities outflows
- AUM of £383.4bn (31 December 2025: £390.4bn), with movements in the
quarter reflecting net outflows and lower markets at the end of March.
- Institutional & Retail Wealth net outflows excluding liquidity of
£(5.1)bn (Q1 2025: £(4.6)bn) included the previously announced lower margin
equities withdrawals of c.£4bn as well as net inflows into fixed income and
real assets of £0.3bn and £0.1bn respectively.
- Improved net flows in Insurance Partners of £0.0bn (Q1 2025: £(2.3)bn)
reflect the benefit of asset allocation changes and DC workplace
pension-related business from Standard Life.
- Progress in focus areas across the business remains strong. Q2 2026 net
flows are expected to include a c.£1.2bn advisory mandate win within real
assets and a c.£1bn credit win by our newly established Insurance client
team, with good flows into our GEM equity income strategy also expected later
in the year.
Outlook:
- As set out at the Full Year results, we are firmly committed to the delivery
of our FY2026 Group targets of adjusted operating profit of at least £300m
and net capital generation of c.£300m.
- With a market-leading customer proposition in ii, leveraging structural
tailwinds in the UK Wealth market, the Group is well positioned to grow and
take advantage of its improved cost structure and very strong capital
position.
- Asset levels continue to reflect volatile markets; we estimate Group AUMA as
at market close on 17 April of c.£573bn, having recovered strongly to above
the position as at 31 December 2025 and 31 March 2026.
Management will be hosting a call for analysts at 8:30am (BST) today. To
access a webcast of the conference call, please use the following link
https://stream.brrmedia.co.uk/broadcast/69d6638b66d5600014b25118
(https://stream.brrmedia.co.uk/broadcast/69d6638b66d5600014b25118)
Enquiries:
Institutional equity investors and analysts
Duncan Heath 0207 1562 495 Corbin Chaplin 0131 3729 133
0788 4109 285 0777 4332 428
Media
Duncan Young 0792 0868 865 Iain Dey (Teneo) 0797 6295 906
Appendix
interactive investor
Quarterly net flows and additional data
Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
Total customers at period end(1,2) (k) 513 500 492 461 450 439 430
Customers holding a SIPP account(1,2) (k) 116 105 98 92 88 81 76
Net inflows (£bn) 3.0 1.4 1.9 2.4 1.6 1.4 1.2
Customer cash balances(1) (£bn) 8.7 8.0 7.3 7.0 6.8 6.2 6.1
Daily average retail trading volumes(1) (k) 35.4 29.2 26.6 26.4 24.0 20.8 18.6
Market Share: Trades UK Cash Market(1,3) 29% 29% 27% 26% 26% 26%
Market Share: Trades non-UK(1,3) 35% 34% 31% 31% 32% 32%
Market Share: SIPP AUA(1,3) 20% 19% 18% 18% 18% 17%
Market Share: Total AUA(1,3) 21% 21% 21% 20% 20% 20%
1. Excludes our financial planning business.
2. Q4 2025 and Q3 2025 total customers are presented net of Jarvis
customers who are expected to close their accounts by mid-2026 - based on
trends seen from previous M&A activity.
3. Source: BWC Benchmarking, data for Q1 2026 not yet available.
Analysis of AUMA
Opening AUMA Gross inflows Redemptions Net flows Market and other movement(2) Corporate actions(3) Closing AUMA at 31 Mar 26
at 1 Jan 2026
3 months ended 31 March 2026 £bn £bn £bn £bn £bn £bn £bn
Wealth
interactive investor 97.5 5.7 (2.7) 3.0 (1.6) (3.6) 95.3
Adviser(1) 80.4 1.9 (2.5) (0.6) (1.2) - 78.6
Investments
Institutional & Retail Wealth 222.7 9.3 (14.7) (5.4) (2.8) - 214.5
Insurance Partners 167.7 5.9 (5.9) - 1.2 - 168.9
Investments total 390.4 15.2 (20.6) (5.4) (1.6) - 383.4
Eliminations (12.3) (0.8) 0.9 0.1 0.1 2.5 (9.6)
Total AUMA 556.0 22.0 (24.9) (2.9) (4.3) (1.1) 547.7
1. Includes Platform AUA at 31 March 2026 of £75.2bn (31 December 2025:
£77.0bn).
2. Market and other movements include the transfer of £2.3bn of assets
from MyFolio funds in Institutional & Retail Wealth to Insurance Partners.
3. Corporate actions in Q1 2026 relate to the sale of the financial
planning business.
Quarterly AUMA
31 Mar 26 31 Dec 25 30 Sep 25 30 Jun 25 31 Mar 25
12 months ended 31 March 2026 £bn £bn £bn £bn £bn
Wealth
interactive investor 95.3 97.5 93.0 84.7 77.7
Adviser 78.6 80.4 79.0 75.7 73.7
Investments
Institutional & Retail Wealth 214.5 222.7 218.0 209.8 204.8
Insurance Partners 168.9 167.7 164.3 158.1 154.8
Investments total 383.4 390.4 382.3 367.9 359.6
Eliminations (9.6) (12.3) (11.9) (10.7) (10.9)
Total AUMA 547.7 556.0 542.4 517.6 500.1
Quarterly net flows
3 months to 3 months to 3 months to 3 months to 3 months to
31 Mar 26 31 Dec 25 30 Sep 25 30 Jun 25 31 Mar 25
15 months ended 31 March 2026 £bn £bn £bn £bn £bn
Wealth
interactive investor 3.0 1.4 1.9 2.4 1.6
Adviser (0.6) (0.8) (0.5) (0.3) (0.6)
Investments
Institutional & Retail Wealth (5.4) (1.8) (0.7) 4.5 (4.1)
Insurance Partners - (1.2) (1.1) (2.2) (2.3)
Investments total (5.4) (3.0) (1.8) 2.3 (6.4)
Eliminations 0.1 (0.1) (0.1) (0.1) 0.2
Total net flows (2.9) (2.5) (0.5) 4.3 (5.2)
Institutional & Retail Wealth AUM
Detailed asset class split
Opening AUM Gross inflows Redemptions Net flows Market and other movements(1) Corporate actions Closing AUM at 31 Mar 26
at 1 Jan 2026
3 months ended 31 March 2026 £bn £bn £bn £bn £bn £bn £bn
Developed markets equities 9.8 0.3 (1.7) (1.4) (0.4) - 8.0
Emerging markets equities 9.0 0.3 (0.4) (0.1) 0.2 - 9.1
Asia Pacific equities 12.8 0.2 (3.5) (3.3) (0.1) - 9.4
Global equities 8.6 0.3 (0.4) (0.1) - - 8.5
Total equities 40.2 1.1 (6.0) (4.9) (0.3) - 35.0
Developed markets credit 26.5 1.3 (1.0) 0.3 - - 26.8
Developed markets rates 2.4 0.1 (0.2) (0.1) (0.3) - 2.0
Emerging markets fixed income 11.0 0.7 (0.6) 0.1 - - 11.1
Total fixed income 39.9 2.1 (1.8) 0.3 (0.3) - 39.9
Diversified growth/income 0.8 - - - - - 0.8
MyFolio 15.7 0.5 (0.7) (0.2) (2.3) - 13.2
Other multi-asset 7.6 0.3 (0.3) - - - 7.6
Total multi-asset 24.1 0.8 (1.0) (0.2) (2.3) - 21.6
UK real estate 16.2 0.2 (0.2) - (0.6) - 15.6
European real estate 11.0 - - - (0.2) - 10.8
Global real estate 1.7 0.1 (0.1) - 0.2 - 1.9
Real estate multi-manager 1.3 - 0.1 0.1 - - 1.4
Infrastructure equity 6.8 0.1 (0.1) - (0.2) - 6.6
Total real assets 37.0 0.4 (0.3) 0.1 (0.8) - 36.3
Alternatives and private market solutions 18.3 0.1 - 0.1 0.3 - 18.7
Commodities 15.8 1.3 (1.7) (0.4) 1.2 - 16.6
Private credit 1.8 - (0.1) (0.1) (0.2) - 1.5
Total alternative investment solutions 35.9 1.4 (1.8) (0.4) 1.3 - 36.8
Total quantitative 25.2 1.8 (1.8) - (0.1) - 25.1
Total excluding liquidity 202.3 7.6 (12.7) (5.1) (2.5) - 194.7
Total liquidity 20.4 1.7 (2.0) (0.3) (0.3) - 19.8
Total 222.7 9.3 (14.7) (5.4) (2.8) - 214.5
1. Market and other movements include the transfer of £2.3bn of assets
from MyFolio funds in Institutional & Retail Wealth to Insurance Partners.
LEI: 0TMBS544NMO7GLCE7H90
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accounting standards, sustainability disclosure and reporting requirements,
and tax and other legislation and regulations (including changes to the
regulatory capital requirements) that the Group is subject to in the
jurisdictions in which the Company and its affiliates operate.
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