REG - Aberdeen Group PLC - Q4 2025 AUMA and Flows Trading Update
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RNS Number : 6809P Aberdeen Group PLC 21 January 2026
21 January 2026
Aberdeen Group plc
Q4 2025: AUMA and flows trading update
Key highlights:
- AUMA of £556.0bn up 9% year-on-year (31 December 2024: £511.4bn),
benefiting from positive markets.
- Strong performance in interactive investor, with total customers up 14%
year-on-year to 500k, higher daily trading volumes in Q4 of 29.2k (Q4 2024:
20.8k), and Q4 net flows of £1.4bn.
- Adviser net outflows in Q4 of £(0.8)bn impacted by higher redemptions ahead
of the UK Budget, with improved full year outflows of £(2.2)bn reflecting
focus on service and repricing.
- Investments AUM of £390.4bn up 6% year-on-year, driven by positive markets.
Q4 net outflows of £(3.0)bn include the previously announced £4.5bn low
margin quants withdrawal, partly offset by the inflow from the Stagecoach
Group Pension Scheme and continued momentum in commodities and fixed income.
- FY 2025 Group adjusted operating profit expected to be in line with current
market expectations.
AUMA and flows (unaudited)
AUMA Net flows
31 Dec 25 30 Sep 25 31 Dec 24 FY 2025 FY 2024 Q4 2025 Q4 2024
£bn £bn £bn £bn £bn £bn £bn
Wealth
interactive investor 97.5 93.0 77.5 7.3 5.7 1.4 1.4
Adviser 80.4 79.0 75.2 (2.2) (3.9) (0.8) (0.9)
Investments
Institutional & Retail Wealth 222.7 218.0 210.5 (2.1) 0.3 (1.8) 2.3
Insurance Partners 167.7 164.3 159.2 (6.8) (4.3) (1.2) (1.8)
Investments total 390.4 382.3 369.7 (8.9) (4.0) (3.0) 0.5
Eliminations (12.3) (11.9) (11.0) (0.1) (1.1) (0.1) 0.2
Total 556.0 542.4 511.4 (3.9) (1.1) (2.5) 1.2
Jason Windsor, Chief Executive Officer, said:
"As today's update underlines, Aberdeen is in much better shape than it was a
year ago with each of our three businesses making progress as we deliver on
our strategy to become the UK's leading Wealth & Investments group.
"interactive investor performed very strongly in 2025, growing 14% to half a
million customers. This growth, along with further enhancements to our
customer proposition, mean that the business is well set up to sustain its
impressive performance.
"Adviser saw flows improve by more than 40% over the 12 months. Service levels
have got better, and in December we launched our Aberdeen SIPP, as we seek to
return to growth in 2026. However, as previously flagged, flows in Q4 were
impacted by the uncertainty leading up to the UK Budget - which led to an
increase in customer withdrawals.
"In Investments, AUM continued to benefit from positive markets, and aside
from the previously disclosed single large redemption, the Institutional &
Retail Wealth segment improved its flows performance year-on-year. We ended
2025 with the US Closed End Fund and innovative Stagecoach transactions adding
to our growth prospects.
"I am optimistic about the outlook for 2026 and we start the year with
positive momentum."
All figures to 31 December 2025, unless otherwise stated. All figures in this
announcement are unaudited and subject to revision.
interactive investor (ii): Strong momentum in key metrics
- Continued growth in customers, with total customers of 500k up 14%
year-on-year (9% excluding Jarvis acquisition) and 105k SIPP customers at
period end, up 30% year-on-year.
- Engagement remains robust with daily average retail trades (DARTs) in Q4
of 29.2k, at a record level and up 40% versus Q4 2024.
- Net inflows of £1.4bn in Q4 (Q4 2024: £1.4bn), with FY 2025 flows of
£7.3bn, up 28% year-on-year and representing 9% of opening AUMA.
- AUMA 26% higher at £97.5bn (31 December 2024: £77.5bn), benefiting from
positive markets and significantly increased flows.
- Ongoing improvements to customer proposition with managed SIPP now
launched, iiAdvice (a digital advice service) available to select customers
ahead of wider launch, and ii360 (an advanced trading platform) in advanced
testing.
- Announced changes to simplify pricing and further improve our competitive
positioning to take effect in February 2026.
Adviser: Continued improvement to proposition, Q4 flows affected by UK Budget
- Net outflows in Q4 of £(0.8)bn (Q4 2024: £(0.9)bn), impacted by higher
redemptions ahead of the UK Budget.
- Full year net outflows of £(2.2)bn, 44% better year-on-year reflecting
continued focus on service, the previously announced repricing and ongoing
improvements to the client proposition.
- Client proposition significantly enhanced through launch of the Aberdeen
SIPP in December.
- AUMA of £80.4bn (31 December 2024: £75.2bn), driven by positive market
movements.
- Ongoing focus on delivering market-leading service levels has led to a
further improvement in net promoter score to +45 for FY2025 (FY 2024: +34).
Investments: Improved net flows in fixed income, multi-asset and equities
- AUM of £390.4bn (31 December 2024: £369.7bn) with movement in Q4
reflecting positive markets, partly offset by net outflows of £(3.0)bn (Q4
2024: £0.5bn inflow).
- Net outflows in Q4 include the previously announced £4.5bn low margin
quants withdrawal and Insurance Partners outflows of £(1.2)bn (Q4 2024:
£(1.8)bn), principally reflecting Phoenix's heritage business in run-off.
- Institutional & Retail Wealth net outflows of £(1.9)bn excluding
liquidity (Q4 2024: £2.3bn inflow), included higher gross inflows in
equities, multi-asset, alternatives and fixed income.
- Net outflows in equities in Q4 of £(0.9)bn improved by 40% year-on-year
and included wins in global equities. Equity redemptions also improved
significantly but remain elevated.
- Multi-asset net inflows in Q4 include £1.2bn of assets relating to the
Stagecoach Group Pension Scheme agreement, which leverages our pension
solutions expertise.
- Q4 net inflows of £1.3bn in alternatives were up c.85%. This largely
reflects the continued attraction of our commodity ETFs, with AUM increasing
35% in the quarter to £15.8bn.
- Given changes in asset mix, FY 2025 revenue margin in Investments now
expected to be around 19.2bps.
- In December, we announced that we had reached agreement with MFS to
acquire the management of closed-end fund assets totalling £1.5bn. This deal,
which is subject to approval, will further cement Aberdeen's position as the
fifth largest asset manager of closed-end funds globally.
Outlook:
- FY2025 Group adjusted operating profit expected to be in line with current
market expectations.
- We are confident in the outlook for the business, as reflected in the FY
2026 Group targets of adjusted operating profit at least £300m, and net
capital generation of c.£300m.
- With effect from year end 2025 our capital requirement will be based on
the Group's internal capital assessment, which will be lower. We will provide
an update with our full year results.
Management will be hosting a call for analysts at 8:30am (GMT) today. To
access a webcast of the conference call, please use the following link:
https://brrmedia.news/ABDN_Q425 (https://brrmedia.news/ABDN_Q425)
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
Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
Total customers at period end1,2 (k) 500 492 461 450 439 430 422
Customers holding a SIPP account1,2 (k) 105 98 92 88 81 76 73
Net flows (£bn) 1.4 1.9 2.4 1.6 1.4 1.2 1.9
Customer cash balances1 (£bn) 8.0 7.3 7.0 6.8 6.2 6.1 5.9
Daily average retail trading volumes1 (k) 29.2 26.6 26.4 24.0 20.8 18.6 21.0
Market Share: Trades UK Cash Market1,3 - 29% 27% 26% 26% 26% 25%
Market Share: Trades non-UK1,3 - 34% 31% 31% 32% 32% 30%
Market Share: SIPP AUA1,3 - 19% 18% 18% 18% 17% 17%
Market Share: Total AUA1,3 - 21% 21% 20% 20% 20% 20%
1. Excludes our financial planning business.
2. Q4 2025 total customers includes c.21k expected customers
following the acquisition of the direct-to-consumer retail book from Jarvis
Investment Management Limited. The c.21k expected figure is net of c.5k 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 Q4 2025 not yet available.
Analysis of AUMA
Opening AUMA at 1 Oct 2025 Market and
£bn Gross inflows Redemptions Net flows other movements Corporate actions3 Closing AUMA at 31 Dec 25
£bn £bn £bn £bn £bn £bn
3 months ended 31 December 2025
Wealth
interactive investor1 93.0 4.1 (2.7) 1.4 3.1 - 97.5
Adviser2 79.0 1.9 (2.7) (0.8) 2.2 - 80.4
Investments
Institutional & Retail Wealth 218.0 12.0 (13.8) (1.8) 5.5 1.0 222.7
Insurance Partners 164.3 5.8 (7.0) (1.2) 4.6 - 167.7
Investments total 382.3 17.8 (20.8) (3.0) 10.1 1.0 390.4
Eliminations (11.9) (1.1) 1.0 (0.1) (0.3) - (12.3)
Total AUMA 542.4 22.7 (25.2) (2.5) 15.1 1.0 556.0
Opening AUMA at 1 Jan 2025 Market and
£bn Gross inflows Redemptions Net flows other movements Corporate actions4 Closing AUMA at 31 Dec 25
£bn £bn £bn £bn £bn £bn
12 months ended 31 December 2025
Wealth
interactive investor1 77.5 16.2 (8.9) 7.3 11.6 1.1 97.5
Adviser2 75.2 6.9 (9.1) (2.2) 7.4 - 80.4
Investments
Institutional & Retail Wealth 210.5 45.0 (47.1) (2.1) 14.5 (0.2) 222.7
Insurance Partners 159.2 18.3 (25.1) (6.8) 15.3 - 167.7
Investments total 369.7 63.3 (72.2) (8.9) 29.8 (0.2) 390.4
Eliminations (11.0) (3.9) 3.8 (0.1) (1.2) - (12.3)
Total AUMA 511.4 82.5 (86.4) (3.9) 47.6 0.9 556.0
1. Includes financial planning business AUA at 31 December 2025 of
£3.6bn (30 September 2025: £3.6bn, 31 December 2024: £3.7bn) and FY 2025
net outflows of £(0.3)bn (FY 2024: £(0.3)bn). Sale of the financial planning
business is expected to complete in Q1 2026.
2. Includes Platform AUA at 31 December 2025 of £77.0bn (30
September 2025: £75.8bn, 31 December 2024: £72.4bn).
3. Corporate actions in Q4 2025 relate to the acquisition by Tritax
Big Box REIT plc of certain real estate logistics assets (£1.0bn).
4. Corporate actions in 2025 relate to the takeover of Tritax
Eurobox (£(1.2)bn), the acquisition of the direct-to-consumer retail book
from Jarvis Investment Management Limited (£1.1bn) and the acquisition by
Tritax Big Box REIT plc of certain real estate logistics assets (£1.0bn).
Quarterly AUMA
31 Dec 25 30 Sep 25 30 Jun 25 31 Mar 25 31 Dec 24
£bn £bn £bn £bn £bn
12 months ended 31 December 2025
Wealth
interactive investor 97.5 93.0 84.7 77.7 77.5
Adviser 80.4 79.0 75.7 73.7 75.2
Investments
Institutional & Retail Wealth 222.7 218.0 209.8 204.8 210.5
Insurance Partners 167.7 164.3 158.1 154.8 159.2
Investments total 390.4 382.3 367.9 359.6 369.7
Eliminations (12.3) (11.9) (10.7) (10.9) (11.0)
Total AUMA 556.0 542.4 517.6 500.1 511.4
Quarterly net flows
3 months to 31 Dec 25 3 months to 30 Sep 25 3 months to 30 Jun 25 3 months to 31 Mar 25 3 months to 31 Dec 24
£bn £bn £bn £bn £bn
15 months ended 31 December 2025
Wealth
interactive investor 1.4 1.9 2.4 1.6 1.4
Adviser (0.8) (0.5) (0.3) (0.6) (0.9)
Investments
Institutional & Retail Wealth (1.8) (0.7) 4.5 (4.1) 2.3
Insurance Partners (1.2) (1.1) (2.2) (2.3) (1.8)
Investments total (3.0) (1.8) 2.3 (6.4) 0.5
Eliminations (0.1) (0.1) (0.1) 0.2 0.2
Total net flows (2.5) (0.5) 4.3 (5.2) 1.2
Institutional & Retail Wealth AUM
Detailed asset class split
Market and
Opening AUM at 1 Oct 2025 Gross inflows Redemptions Net flows other movements Corporate actions1 Closing AUM at 31 Dec 25
£bn £bn £bn £bn £bn £bn £bn
3 months ended 31 December 2025
Developed markets equities 10.0 0.1 (0.5) (0.4) 0.2 - 9.8
Emerging markets equities 8.6 0.6 (0.6) - 0.4 - 9.0
Asia Pacific equities 12.8 0.2 (0.8) (0.6) 0.6 - 12.8
Global equities 8.3 0.6 (0.5) 0.1 0.2 - 8.6
Total equities 39.7 1.5 (2.4) (0.9) 1.4 - 40.2
Developed markets credit 26.1 1.1 (1.1) - 0.4 - 26.5
Developed markets rates 2.3 0.2 (0.2) - 0.1 - 2.4
Emerging markets fixed income 10.2 0.9 (0.3) 0.6 0.2 - 11.0
Total fixed income 38.6 2.2 (1.6) 0.6 0.7 - 39.9
Diversified growth/income 0.8 0.2 (0.2) - - - 0.8
MyFolio 16.5 0.4 (0.7) (0.3) (0.5) - 15.7
Other multi-asset 6.9 1.6 (0.3) 1.3 (0.6) - 7.6
Total multi-asset 24.2 2.2 (1.2) 1.0 (1.1) - 24.1
UK real estate 14.9 0.2 (0.3) (0.1) 0.4 1.0 16.2
European real estate 11.5 - (0.3) (0.3) (0.2) - 11.0
Global real estate 1.5 0.1 0.1 0.2 - - 1.7
Real estate multi-manager 1.4 - - - (0.1) - 1.3
Infrastructure equity 6.7 0.1 (0.1) - 0.1 - 6.8
Total real assets 36.0 0.4 (0.6) (0.2) 0.2 1.0 37.0
Alternatives and private market solutions 18.1 0.3 (0.1) 0.2 - - 18.3
Commodities 11.7 1.5 (0.3) 1.2 2.9 - 15.8
Private credit 1.7 - (0.1) (0.1) 0.2 - 1.8
Total alternative investment solutions 31.5 1.8 (0.5) 1.3 3.1 - 35.9
Total quantitative 28.2 2.0 (5.7) (3.7) 0.7 - 25.2
Total excluding liquidity 198.2 10.1 (12.0) (1.9) 5.0 1.0 202.3
Total liquidity 19.8 1.9 (1.8) 0.1 0.5 - 20.4
Total 218.0 12.0 (13.8) (1.8) 5.5 1.0 222.7
1. Corporate actions in Q4 2025 relate to the acquisition by Tritax
Big Box REIT plc of certain real estate logistics assets (£1.0bn).
Opening AUM Market and
at 1 Jan 2025 Gross inflows Redemptions Net flows other movements Corporate actions1 Closing AUM at 31 Dec 25
£bn £bn £bn £bn £bn £bn £bn
12 months ended 31 December 2025
Developed markets equities 10.6 0.8 (2.1) (1.3) 0.5 - 9.8
Emerging markets equities 8.9 1.2 (2.6) (1.4) 1.5 - 9.0
Asia Pacific equities 15.0 1.0 (4.3) (3.3) 1.1 - 12.8
Global equities 8.5 1.5 (1.9) (0.4) 0.5 - 8.6
Total equities 43.0 4.5 (10.9) (6.4) 3.6 - 40.2
Developed markets credit 22.1 6.8 (4.7) 2.1 2.3 - 26.5
Developed markets rates 2.7 1.0 (1.2) (0.2) (0.1) - 2.4
Emerging markets fixed income 10.3 3.0 (2.8) 0.2 0.5 - 11.0
Total fixed income 35.1 10.8 (8.7) 2.1 2.7 - 39.9
Diversified growth/income 0.9 0.3 (0.4) (0.1) - - 0.8
MyFolio 16.2 1.4 (2.8) (1.4) 0.9 - 15.7
Other multi-asset 7.6 2.1 (1.7) 0.4 (0.4) - 7.6
Total multi-asset 24.7 3.8 (4.9) (1.1) 0.5 - 24.1
UK real estate 14.8 0.9 (0.8) 0.1 0.3 1.0 16.2
European real estate 12.7 0.2 (0.6) (0.4) (0.1) (1.2) 11.0
Global real estate 1.7 0.3 (0.3) - - - 1.7
Real estate multi-manager 1.4 - - - (0.1) - 1.3
Infrastructure equity 6.6 0.2 (0.2) - 0.2 - 6.8
Total real assets 37.2 1.6 (1.9) (0.3) 0.3 (0.2) 37.0
Alternatives and private market solutions 18.8 0.6 (0.3) 0.3 (0.8) - 18.3
Commodities 7.3 4.0 (1.2) 2.8 5.7 - 15.8
Private credit 1.5 0.3 (0.3) - 0.3 - 1.8
Total alternative investment solutions 27.6 4.9 (1.8) 3.1 5.2 - 35.9
Total quantitative 20.3 14.0 (11.3) 2.7 2.2 - 25.2
Total excluding liquidity 187.9 39.6 (39.5) 0.1 14.5 (0.2) 202.3
Total liquidity 22.6 5.4 (7.6) (2.2) - - 20.4
Total 210.5 45.0 (47.1) (2.1) 14.5 (0.2) 222.7
1. Corporate actions in 2025 relate to the takeover of Tritax
Eurobox (£(1.2)bn), the acquisition of the direct-to-consumer retail book
from Jarvis Investment Management Limited (£1.1bn) and the acquisition by
Tritax Big Box REIT plc of certain real estate logistics assets (£1.0bn).
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 plc'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",
'expectations',"is expected", "believes", "targets", "aims", "anticipates",
"projects", "would", "could", "should", "may", "might", "envisages",
"estimates", "intends", "underway", "outlook", 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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