REG - Aberdeen Group PLC - Q3 2025 AUMA & Flows Trading Update
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RNS Number : 2922E Aberdeen Group PLC 22 October 2025
22 October 2025
Key highlights:
Aberdeen Group plc
Q3 2025: AUMA and flows trading update
- AUMA of £542.4bn up 6% year to date (31 December 2024: £511.4bn).
- Continued strong momentum in interactive investor, with total customers up
14% year-on-year to 492k, higher daily trading volumes, and Q3 net flows of
£1.9bn 58% higher year-on-year.
- Adviser net outflows of £0.5bn a 50% improvement (Q3 2024: £1.0bn),
supported by improved service and repricing.
- Investments AUM of £382.3bn up 3% year to date, driven by positive market
movements. Net outflows of £1.8bn, 49% lower than Q3 last year, with the
improvement driven by fixed income, alternatives and equities.
AUMA and flows (unaudited)
AUMA Net flows
30 Sep 25 30 Jun 25 31 Dec 24 Q3 2025 YTD Q3 2024 YTD Q3 2025 Q3 2024
£bn £bn £bn £bn £bn £bn £bn
Wealth
interactive investor 93.0 84.7 77.5 5.9 4.3 1.9 1.2
Adviser 79.0 75.7 75.2 (1.4) (3.0) (0.5) (1.0)
Investments
Institutional & Retail Wealth 218.0 209.8 210.5 (0.3) (2.0) (0.7) (2.4)
Insurance Partners 164.3 158.1 159.2 (5.6) (2.5) (1.1) (1.1)
Investments total 382.3 367.9 369.7 (5.9) (4.5) (1.8) (3.5)
Eliminations (11.9) (10.7) (11.0) - 0.9 (0.1) 0.2
Total 542.4 517.6 511.4 (1.4) (2.3) (0.5) (3.1)
Jason Windsor, Chief Executive Officer, said:
"Over the last quarter we have made good progress against the plan we set out
in March. Net flows and other key operational metrics improved year-on-year,
with increased Group AUMA benefiting from positive markets.
"interactive investor has maintained its excellent growth, with transfers and
trading activity at record levels and net inflows 58% higher year-on-year.
Increasing brand awareness and a range of innovative new products launching
soon mean the business is very well positioned to sustain its growth momentum.
"In Adviser, customer service has again improved, with net outflows in the
quarter 50% better year-on-year. Our focus remains on returning to growth and
achieving our 2026 net flows target.
"In Investments, AUM has benefited from positive markets as well as net
inflows in quants, alternatives and our targeted growth areas of fixed income
and real assets. Net flows for equities remain challenging, despite a
significant improvement compared to previous trends.
"Looking ahead, we are confident in our prospects as a Wealth &
Investments Group, with the growth potential across all three of our
businesses reflected in our 2026 targets."
All figures to 30 September 2025, unless otherwise stated. All figures in this
announcement are unaudited and subject to revision.
interactive investor (ii): Strong momentum in all key metrics
- Good momentum in customer acquisition, with total customers of 492k up 14%
year-on-year and including c.20k expected1 from the Jarvis acquisition (10%
organic growth, ex-Jarvis).
- Record transfers in, with 98k SIPP customers at period end, up 29%
year-on-year.
- Daily average retail trades of 26.6k, up 43% versus Q3 2024.
- AUMA higher at £93.0bn (31 December 2024: £77.5bn), reflecting continued
strong net inflows (organic Q3 net inflows of £1.9bn up 58%), the Jarvis
acquisition and positive markets.
- Brand awareness higher at 32% (Q4 2024: 25%) and expected to benefit from
new brand campaign.
- Sale of financial planning business announced in August, and expected to
close in Q1 2026.
Adviser: Improvement in service levels and net promoter score
- Net outflows of £0.5bn, a 50% improvement year-on-year (Q3 2024:
£1.0bn), reflecting continued progress in delivering better service and the
previously announced repricing.
- AUMA of £79.0bn (31 December 2024: £75.2bn), reflecting positive market
movements.
- Progress in delivering market-leading service levels has led to a further
improvement in net promoter score to 45 YTD (FY2024: 34) and underpins our
confidence in our net inflows target for FY2026.
Investments: Improved net flows in fixed income, alternatives and equities
- AUM of £382.3bn (31 December 2024: £369.7bn) with movement in the
quarter reflecting positive markets, partly offset by net outflows.
- Net outflows in Q3 of £1.8bn (Q3 2024: £3.5bn) includes Insurance
Partners outflows of £1.1bn (unchanged year-on-year), principally reflecting
Phoenix's heritage business in run-off.
- Q3 net flows in Institutional & Retail Wealth ex. liquidity improved
by £2.9bn year-on-year, reflecting higher gross inflows in fixed income and
alternatives. Redemptions in equities also improved significantly but remain
elevated, with net outflows of £(1.6)bn (Q3 2024: £(2.4)bn).
- We continue to enhance our product offering with the launch of two active
ETFs on the London Stock Exchange in late September and our global ETF product
suite reaching AUM of c.£12bn.
- As a result of a client driven asset allocation change, we are expecting a
c.£4.5bn redemption from a very low margin quants mandate in Q4.
- In September, Phoenix announced their intention to in-source c.£20bn of
shareholder AUM, which is subject to a 3-year notice period. We are working
with Phoenix to manage this transition collaboratively in the medium- term,
and continue to have a strong relationship as their key asset management
strategic partner. As Phoenix have indicated, we have the potential to attract
a greater share of their policyholder business as they consolidate their asset
manager partners.
Outlook
- Our Transformation programme remains on track to deliver targeted
annualised savings of at least £150m by the end of this year.
- We are confident in the outlook for the business, as reflected in the FY
2026 Group targets of adjusted operating profit above £300m, and net capital
generation of c.£300m.
1 The c.20k expected figure is net of c.6k Jarvis customers who are expected
to close their accounts by mid-2026 - based on trends seen from previous
M&A activity.
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://brrmedia.news/ABDN_Q3_25 (https://brrmedia.news/ABDN_Q3_25)
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 1
interactive investor
Quarterly net flows and additional data
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Total customers at period end(1,2) (k) 492 461 450 439 430 422 414
Customers holding a SIPP account(1,2) (k) 98 92 88 81 76 73 68
Net flows (£bn) 1.9 2.4 1.6 1.4 1.2 1.9 1.2
Customer cash balances(1) (£bn) 7.3 7.0 6.8 6.2 6.1 5.9 5.7
Daily average retail trading volumes(1) (k) 26.6 26.4 24.0 20.8 18.6 21.0 20.1
Market Share: Trades UK Cash Market(1,3) - 27% 26% 26% 26% 25% 25%
Market Share: Trades non-UK(1,3) - 31% 31% 32% 32% 30% 28%
Market Share: SIPP AUA(1,3) - 18% 18% 18% 17% 17% 17%
Market Share: Total AUA(1,3) - 21% 20% 20% 20% 20% 20%
1. Excludes our financial planning business.
2. Q3 2025 total customers includes 20k expected customers following
the acquisition of the direct-to-consumer retail book from Jarvis Investment
Management Limited. The c.20k expected figure is net of c.6k 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 Q3 2025 not yet available.
Analysis of AUMA
Opening AUMA Gross inflows Redemptions Net flows Market and Corporate actions(3) Closing AUMA at 30 Sep 25
at 1 Jul 2025 £bn £bn £bn other movements £bn £bn
£bn £bn
3 months ended 30 September 2025
Wealth
interactive investor(1) 84.7 4.1 (2.2) 1.9 5.3 1.1 93.0
Adviser(2) 75.7 1.7 (2.2) (0.5) 3.8 - 79.0
Investments
Institutional & Retail Wealth 209.8 8.9 (9.6) (0.7) 8.9 - 218.0
Insurance Partners 158.1 3.8 (4.9) (1.1) 7.3 - 164.3
Investments total 367.9 12.7 (14.5) (1.8) 16.2 - 382.3
Eliminations (10.7) (1.4) 1.3 (0.1) (1.1) - (11.9)
Total AUMA 517.6 17.1 (17.6) (0.5) 24.2 1.1 542.4
Opening AUMA at 1 Jan 2025 Gross inflows Redemptions Net flows Market and Corporate actions(4) Closing AUMA at 30 Sep 25
£bn £bn £bn £bn other movements £bn £bn
£bn
9 months ended 30 September 2025
Wealth
interactive investor(1) 77.5 12.1 (6.2) 5.9 8.5 1.1 93.0
Adviser(2) 75.2 5.0 (6.4) (1.4) 5.2 - 79.0
Investments
Institutional & Retail Wealth 210.5 33.0 (33.3) (0.3) 9.0 (1.2) 218.0
Insurance Partners 159.2 12.5 (18.1) (5.6) 10.7 - 164.3
Investments total 369.7 45.5 (51.4) (5.9) 19.7 (1.2) 382.3
Eliminations (11.0) (2.8) 2.8 - (0.9) - (11.9)
Total AUMA 511.4 59.8 (61.2) (1.4) 32.5 (0.1) 542.4
1. Includes financial planning business AUA at 30 September 2025 of
£3.6bn (30 June 2025: £3.7bn, 31 December 2024: £3.7bn).
2. Includes Platform AUA at 30 September 2025 of £75.8bn (30 June
2025: £72.8bn, 31 December 2024: £72.4bn).
3. Corporate actions in Q3 2025 relate to the acquisition of the
direct-to-consumer retail book from Jarvis Investment Management Limited
(£1.1bn).
4. Corporate actions in 2025 relate to the takeover of Tritax
Eurobox (£(1.2)bn) and the acquisition of the direct-to-consumer retail book
from Jarvis Investment Management Limited (£1.1bn).
Quarterly AUMA
30 Sep 25 30 Jun 25 31 Mar 25 31 Dec 24 30 Sep 24
£bn £bn £bn £bn £bn
12 months ended 30 September 2025
Wealth
interactive investor 93.0 84.7 77.7 77.5 74.5
Adviser 79.0 75.7 73.7 75.2 75.1
Investments
Institutional & Retail Wealth 218.0 209.8 204.8 210.5 209.0
Insurance Partners 164.3 158.1 154.8 159.2 159.2
Investments total 382.3 367.9 359.6 369.7 368.2
Eliminations (11.9) (10.7) (10.9) (11.0) (11.1)
Total AUMA 542.4 517.6 500.1 511.4 506.7
Quarterly net flows
3 months to 30 Sep 25 3 months to 30 Jun 25 3 months to 31 Mar 25 3 months to 31 Dec 24 3 months to 30 Sep 24
£bn £bn £bn £bn £bn
15 months ended 30 September 2025
Wealth
interactive investor 1.9 2.4 1.6 1.4 1.2
Adviser (0.5) (0.3) (0.6) (0.9) (1.0)
Investments
Institutional & Retail Wealth (0.7) 4.5 (4.1) 2.3 (2.4)
Insurance Partners (1.1) (2.2) (2.3) (1.8) (1.1)
Investments total (1.8) 2.3 (6.4) 0.5 (3.5)
Eliminations (0.1) (0.1) 0.2 0.2 0.2
Total net flows (0.5) 4.3 (5.2) 1.2 (3.1)
Institutional & Retail Wealth AUM
Detailed asset class split
Opening AUM at 1 Jul 2025 Gross inflows Redemptions Net flows Market and Corporate actions Closing AUM at 30 Sep 25
£bn £bn £bn £bn other movements £bn £bn
£bn
3 months ended 30 September 2025
Developed markets equities 10.1 0.2 (0.6) (0.4) 0.3 - 10.0
Emerging markets equities 7.8 0.1 (0.4) (0.3) 1.1 - 8.6
Asia Pacific equities 12.3 0.1 (0.8) (0.7) 1.2 - 12.8
Global equities 8.1 0.3 (0.5) (0.2) 0.4 - 8.3
Total equities 38.3 0.7 (2.3) (1.6) 3.0 - 39.7
Developed markets credit 25.8 0.7 (0.9) (0.2) 0.5 - 26.1
Developed markets rates 2.2 0.5 (0.5) - 0.1 - 2.3
Emerging markets fixed income 9.2 0.9 (0.5) 0.4 0.6 - 10.2
Total fixed income 37.2 2.1 (1.9) 0.2 1.2 - 38.6
Diversified growth/income 0.8 0.1 (0.1) - - - 0.8
MyFolio 16.1 0.3 (0.7) (0.4) 0.8 - 16.5
Other multi-asset 7.3 0.2 (0.6) (0.4) - - 6.9
Total multi-asset 24.2 0.6 (1.4) (0.8) 0.8 - 24.2
UK real estate 14.1 0.7 (0.2) 0.5 0.3 - 14.9
European real estate 11.6 0.1 (0.3) (0.2) 0.1 - 11.5
Global real estate 1.5 - (0.1) (0.1) 0.1 - 1.5
Real estate multi-manager 1.4 - - - - - 1.4
Infrastructure equity 6.7 0.1 - 0.1 (0.1) - 6.7
Total real assets 35.3 0.9 (0.6) 0.3 0.4 - 36.0
Total alternative investment solutions (including private credit) 27.9 1.5 (0.4) 1.1 2.5 - 31.5
Total quantitative 26.4 1.8 (0.8) 1.0 0.8 - 28.2
Total excluding liquidity 189.3 7.6 (7.4) 0.2 8.7 - 198.2
Total liquidity 20.5 1.3 (2.2) (0.9) 0.2 - 19.8
Total 209.8 8.9 (9.6) (0.7) 8.9 - 218.0
Opening AUM Market and
at 1 Jan 2025 Gross inflows Redemptions Net flows other movements Corporate actions(1) Closing AUM at 30 Sep 25
£bn £bn £bn £bn £bn £bn £bn
9 months ended 30 September 2025
Developed markets equities 10.6 0.7 (1.6) (0.9) 0.3 - 10.0
Emerging markets equities 8.9 0.6 (2.0) (1.4) 1.1 - 8.6
Asia Pacific equities 15.0 0.8 (3.5) (2.7) 0.5 - 12.8
Global equities 8.5 0.9 (1.4) (0.5) 0.3 - 8.3
Total equities 43.0 3.0 (8.5) (5.5) 2.2 - 39.7
Developed markets credit 22.1 5.7 (3.6) 2.1 1.9 - 26.1
Developed markets rates 2.7 0.8 (1.0) (0.2) (0.2) - 2.3
Emerging markets fixed income 10.3 2.1 (2.5) (0.4) 0.3 - 10.2
Total fixed income 35.1 8.6 (7.1) 1.5 2.0 - 38.6
Diversified growth/income 0.9 0.1 (0.2) (0.1) - - 0.8
MyFolio 16.2 1.0 (2.1) (1.1) 1.4 - 16.5
Other multi-asset 7.6 0.5 (1.4) (0.9) 0.2 - 6.9
Total multi-asset 24.7 1.6 (3.7) (2.1) 1.6 - 24.2
UK real estate 14.8 0.7 (0.5) 0.2 (0.1) - 14.9
European real estate 12.7 0.2 (0.3) (0.1) 0.1 (1.2) 11.5
Global real estate 1.7 0.2 (0.4) (0.2) - - 1.5
Real estate multi-manager 1.4 - - - - - 1.4
Infrastructure equity 6.6 0.1 (0.1) - 0.1 - 6.7
Total real assets 37.2 1.2 (1.3) (0.1) 0.1 (1.2) 36.0
Total alternative investment solutions (including private credit) 27.6 3.1 (1.3) 1.8 2.1 - 31.5
Total quantitative 20.3 12.0 (5.6) 6.4 1.5 - 28.2
Total excluding liquidity 187.9 29.5 (27.5) 2.0 9.5 (1.2) 198.2
Total liquidity 22.6 3.5 (5.8) (2.3) (0.5) - 19.8
Total 210.5 33.0 (33.3) (0.3) 9.0 (1.2) 218.0
1. Corporate actions in 2025 relate to the takeover of Tritax
Eurobox (£(1.2)bn).
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.
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