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Home News

Abrdn Announces Job Cuts to Reduce Costs

by Myfxtools
January 24, 2024
in News
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By Michael Susin

Abrdn, the FTSE 100 investment company, has revealed plans to cut approximately 500 jobs in an effort to lower its annual costs by at least £150 million ($190.3 million) by the end of 2025.

According to a statement released on Wednesday, the cost-cutting program aims to restore the company’s core investment business to a satisfactory level of profitability while allowing for reinvestment into growth areas.

“Market conditions have remained challenging for our mix of business, and this is reflected in our year-end assets under management, flow numbers, and margins. The board and I are committed to taking these significant cost actions now to restore our core Investments business to a more acceptable level of profitability,” said Chief Executive Stephen Bird.

Abrdn expects the program to deliver approximately £60 million in benefits this year. The restructuring will involve removing management layers, enhancing efficiency in outsourcing and technology, as well as reducing overheads in support services.

However, Abrdn reported a slight decline in assets under management and administration as of December 31, which amounted to £494.9 billion compared to £495.7 billion on June 30. The decrease was primarily due to the sale of its discretionary fund and U.S private equity business.

The company also recorded net outflows of £12.4 billion, an increase from £5.2 billion, with the investments division experiencing a decline as clients sought to safeguard their portfolios in light of inflation and geopolitical uncertainties.

Looking ahead, Abrdn anticipates that its adjusted operating profit for 2023, which excludes exceptional and other one-off items, will be in line with market consensus. Additionally, the company expects its adjusted capital generation to surpass market expectations.

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Tags: AbrdnCost ReductionInvestment Companyjob cutsProfitability
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