REG - abrdn PLC - Q1 2024 AUMA & Flows Trading Update
24/04/2024 07:00
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RNS Number : 7724L abrdn PLC 24 April 2024
24 April 2024
abrdn plc
Q1 2024: AUMA and flows trading update
abrdn plc is today providing an update on its Q1 assets under management and
administration (AUMA) and net flows.
Key highlights
- AUMA growth of 3% to £507.7bn reflecting stronger markets and positive
net flows
- Continued organic growth in interactive investor, with customer numbers
up to 414k
- Actions underway to address outflows in Adviser and equities
- Implementation of cost transformation on track
AUMA and flows (unaudited)
AUMA Net flows
31 Mar 24 31 Dec 23 Q1 2024 Q1 2023
£bn £bn £bn £bn
Institutional/Retail Wealth 215.1 211.2 0.7 (5.2)
Insurance Partners 159.2 155.5 (0.5) (1.5)
Investments 374.3 366.7 0.2 (6.7)
Adviser 75.2 73.5 (0.9) (0.1)
interactive investor 69.6 66.0 1.2 0.7
Eliminations (11.4) (11.3) 0.3 (0.1)
Total 507.7 494.9 0.8 (6.2)
AUMA was £507.7bn as at 31 March 2024 benefiting from positive market
performance and net inflows of £0.8bn, including £2.6bn of net inflows into
liquidity. Q1 2023 net outflows were £6.2bn, including £1.8bn of net
outflows from liquidity.
Investments
- Investments AUM increased to £374.3bn primarily reflecting positive
market movements across most asset classes.
- The industry saw continued net outflows in Q1 2024 across global active
mutual funds(1), particularly within equities and multi-asset. However, the
pace of outflows showed signs of slowing, primarily driven by the growing
demand for fixed income.
- Institutional and Retail Wealth net inflows in Q1 2024 were £0.7bn
including strong inflows of £2.6bn into liquidity. There were also net
inflows into quantitatives and fixed income. It was a challenging quarter for
equities with continued net outflows primarily reflecting industry asset
allocation away from Asia and emerging markets.
- Insurance Partners net outflows in Q1 2024 were £0.5bn reflecting
outflows from heritage business in run-off, largely offset by inflows from
growing workplace pensions.
(1) Morningstar global active mutual fund net sales 31 March 2024 YTD
Adviser
- AUMA increased to £75.2bn as at 31 March 2024, driven by stronger
markets.
- Q1 2024 net outflows were £0.9bn. Gross inflows were in line with Q1
2023; however as we saw in Q4, redemptions were elevated owing to the
continued impact of the higher cost of living and further IFA consolidation.
interactive investor
- Total customers were 414k at 31 March 2024, up 3% in the last year (31
March 2023: 401k) and up 2% in the quarter (31 December 2023: 407k). Of this,
SIPP customers grew to 68.5k at 31 March 2024, up 25% in the last year (31
March 2023: 54.7k) and up 10% in the quarter (31 December 2023: 62.4k).
- AUA as at 31 March 2024 was £69.6bn benefiting from stronger markets
and year on year growth in net inflows.
- Q1 2024 net inflows were £1.2bn, up 71% on Q1 2023, which included
£0.2bn of outflows from the exited Pension Trading Accounts and £0.1bn of
outflows from our financial planning business.
Commenting, Stephen Bird, CEO abrdn plc, said:
"Our AUMA grew 3% in the period to £507.7bn, supported by a positive
contribution from markets across all three businesses. We had net inflows at a
group level, including strong liquidity flows which contributed to positive
overall flows within Investments. At interactive investor, we saw continued
organic growth in customers and flows. We were particularly pleased with the
growth in SIPP customers. Yet clearly there is more work to be done in
Investments and Adviser, where we have actions underway to improve
performance.
Our cost transformation programme is on track as we take action to sustainably
restore our business to a more acceptable level of profitability. Our key
focus, and our most important priority, is on delivering investment
performance for all of our clients."
All figures to the end of 31 March 2024 in this announcement are unaudited,
and subject to revision.
Management will be hosting a call for analysts and investors at 8:30am (BST)
on 24 April 2024. To access a webcast of the conference call, please go to the
following link:
https://brrmedia.news/ABDN_Q1TS (https://brrmedia.news/ABDN_Q1TS)
Enquiries:
Media
Duncan Young +44 (0) 7920 868865
Iain Dey (Teneo) +44 (0) 7976 295906
Institutional equity investors and analysts
Jo Blackshaw +44 (0) 7771 786275
Corbin Chaplin +44 (0) 7774 332428
LEI: OTMBS544NMO7GLCE7H90
Appendix 1
Analysis of AUMA
Opening Gross inflows Redemptions Net flows Market Corporate Closing
AUMA at
and other movements
actions
AUMA at
1 Jan 2024
31 Mar 2024
3 months ended 31 March 2024 £bn £bn £bn £bn £bn £bn £bn
Institutional/Retail Wealth 211.2 9.5 (8.8) 0.7 3.2 - 215.1
Insurance Partners 155.5 5.5 (6.0) (0.5) 4.2 - 159.2
Investments 366.7 15.0 (14.8) 0.2 7.4 - 374.3
Adviser(1) 73.5 1.6 (2.5) (0.9) 2.6 - 75.2
interactive investor(2) 66.0 3.3 (2.1) 1.2 2.4 - 69.6
Eliminations (11.3) (0.5) 0.8 0.3 (0.4) - (11.4)
Total AUMA 494.9 19.4 (18.6) 0.8 12.0 - 507.7
1. Includes Platform AUA as at 31 March 2024 of £72.5bn (31 December 2023:
£70.9bn).
2. Includes financial planning business assets as at 31 March 2024 of
£4.2bn (31 December 2023: £4.3bn).
Quarterly AUMA
31 Mar 24 31 Dec 23 30 Sep 23 30 Jun 23 31 Mar 23
12 months ended 31 March 2024 £bn £bn £bn £bn £bn
Institutional/Retail Wealth 215.1 211.2 214.2 219.0 225.3
Insurance Partners 159.2 155.5 145.9 148.6 146.5
Investments 374.3 366.7 360.1 367.6 371.8
Adviser 75.2 73.5 70.9 71.8 69.7
interactive investor 69.6 66.0 62.1 67.4 69.3
Eliminations (11.4) (11.3) (10.8) (11.1) (11.8)
Total AUMA 507.7 494.9 482.3 495.7 499.0
Quarterly net flows
3 months to 3 months to 3 months to 3 months to 3 months to
31 Mar 24
31 Dec 23
30 Sep 23
30 Jun 23
31 Mar 23
15 months ended 31 March 2024 £bn £bn £bn £bn £bn
Institutional/Retail Wealth 0.7 (5.8) (5.4) (1.5) (5.2)
Insurance Partners (0.5) 0.3 (1.6) 1.7 (1.5)
Investments 0.2 (5.5) (7.0) 0.2 (6.7)
Adviser (0.9) (1.0) (0.5) (0.5) (0.1)
interactive investor 1.2 0.5 0.6 1.1 0.7
Eliminations 0.3 0.3 0.2 0.2 (0.1)
Total net flows 0.8 (5.7) (6.7) 1.0 (6.2)
Institutional and Retail Wealth AUM
Detailed asset class split
Opening Gross inflows Redemptions Net flows Market Corporate actions Closing
AUM at
and other movements
AUM at
1 Jan 2024
31 Mar 2024
3 months ended 31 March 2024 £bn £bn £bn £bn £bn £bn £bn
Developed markets equities 11.8 0.3 (0.7) (0.4) 0.5 - 11.9
Emerging markets equities 11.1 0.2 (0.8) (0.6) 0.2 - 10.7
Asia Pacific equities 16.3 0.6 (1.7) (1.1) 0.3 - 15.5
Global equities 8.5 0.3 (0.5) (0.2) 0.4 - 8.7
Total equities 47.7 1.4 (3.7) (2.3) 1.4 - 46.8
Developed markets credit 21.4 1.5 (0.9) 0.6 (0.3) - 21.7
Developed markets rates 3.3 0.1 (0.2) (0.1) (0.1) - 3.1
Emerging markets fixed income 9.8 0.3 (0.4) (0.1) 0.1 - 9.8
Total fixed income 34.5 1.9 (1.5) 0.4 (0.3) - 34.6
Absolute return 3.4 0.1 (0.1) - - - 3.4
Diversified growth/income 0.2 - - - - - 0.2
MyFolio 16.2 0.4 (0.7) (0.3) 0.6 - 16.5
Other multi-asset 5.3 0.2 (0.4) (0.2) (0.1) - 5.0
Total multi-asset 25.1 0.7 (1.2) (0.5) 0.5 - 25.1
Total private equity 7.2 - - - (0.2) - 7.0
UK real estate 15.9 0.2 (0.6) (0.4) (0.1) - 15.4
European real estate 13.6 0.2 - 0.2 (0.3) - 13.5
Global real estate 1.2 - (0.2) (0.2) 0.1 - 1.1
Real estate multi-manager 1.5 - - - - - 1.5
Infrastructure equity 6.1 0.1 - 0.1 (0.2) - 6.0
Total real assets 38.3 0.5 (0.8) (0.3) (0.5) - 37.5
Total alternative investment solutions (including private credit) 24.0 0.2 (0.3) (0.1) 1.9 - 25.8
Total quantitative 17.1 1.4 (0.5) 0.9 0.4 - 18.4
Total liquidity 17.3 3.4 (0.8) 2.6 - - 19.9
Total 211.2 9.5 (8.8) 0.7 3.2 - 215.1
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 abrdn 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 abrdn 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 abrdn Group's
control.
Neither abrdn 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 abrdn 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 abrdn plc and its affiliates in this document may
not be indicative of, and are not an estimate, forecast or projection of,
abrdn plc's or its affiliates' future results.
Please see abrdn 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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