Earnings release
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30 April 2025 Aberdeen Group plc Q1 2025: AUMA and flows trading update Aberdeen Group plc (“Aberdeen” or the “Group”) is today providing an update on its Q1 assets under management and administration (AUMA) and net flows. Key highlights: – AUMA of £500.1bn reflected lower markets, with continued strong inflows at interactive investor of £1.6bn offset by net outflows in Investments and Adviser. – Strong organic growth was delivered in interactive investor, with year-on-year increases in total customers of 9% to 450k and 29% in SIPP customers to 88k; acquisition of small retail customer book announced on 15 April. – Restored service levels, enhanced platform functionality and repricing led to net outflows in Adviser of £(0.6)bn being over 30% better than Q1 and Q4 2024. – The previously highlighted £(4.2)bn redemption from a low-margin mandate was the principal driver of net outflows of £(6.4)bn in Investments. – Investments (I&RW) net flows are positive year to date, following a large quant win in April. AUMA and flows (unaudited) 1. Includes £(4.2)bn outflow from single mandate redemption for Phoenix with negligible impact on FY 2025 revenue. R ecognised across quantitative strategies £(3.2)bn, fixed income £(0.4)bn, multi-assets £(0.1)bn and Insurance Partners £(0.5)bn . Commenting, Jason Windsor, CEO of Aberdeen, said: “Our strategy is to become the UK’s leading wealth business and to reposition our Investments business to areas of strength and market growth. So far this year, we have made good progress against these objectives, despite the current heightened levels of market uncertainty. “interactive investor has seen significant growth in new customers, and in trading volumes, which have risen to record levels during the recent period of market volatility. “In Adviser, net outflows improved in Q1, and while there remains work to be done, we are encouraged by the business’s progress, most notably in meeting or exceeding client service targets. “In Investments, Q1 flows were impacted by the large redemption we noted at our Full Year results. We saw good inflows in fixed income in the quarter, but outflows in equities remained elevated. A major quant win in April has taken I&RW net flows to positive in the year to date. With clear strategic priorities and an ongoing focus on efficiency, we continue to target a material uplift in profitability.” AUMA Net flows 31 Mar 25 31 Dec 24 Q1 2025 Q1 2024 £bn £bn £bn £bn Wealth interactive investor 77.7 77.5 1.6 1.2 Adviser 73.7 75.2 (0.6) (0.9) Investments Institutional & Retail Wealth 204.8 210.5 (4.1) 0.7 Insurance Partners 154.8 159.2 (2.3) (0.5) Investments total1 359.6 369.7 (6.4) 0.2 Eliminations (10.9) (11.0) 0.2 0.3 Total 500.1 511.4 (5.2) 0.8
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interactive investor: Continued strong organic customer growth, including in high-value SIPP accounts – AUMA up to £77.7bn (31 December 2024: £77.5bn), reflecting £1.6bn of net inflows and sustained customer growth: total customers up 9% year-on-year to 450k and SIPP customers up 29% to 88k. – Daily average retail trades up 19% and 15% versus Q1 and Q4 2024, respectively. – Customer cash balances of £6.8bn up 10% compared to the end of 2024. – Early performance in Q2 characterised by continuation of strong inflows, elevated daily trading volumes and higher customer cash balances. – On 15 April, ii announced the acquisition of Jarvis Management Limited’s direct-to-consumer retail book. The acquisition, expected to complete in Q3, is for a consideration of up to £11m, and is expected to bring between 20-30k long-term customers along with c.£1bn of assets. Adviser: Outflows reducing and service levels back to long term average, with further improvements expected – AUMA of £73.7bn (31 December 2024: £75.2bn), primarily reflecting lower markets. – Net outflows of £(0.6)bn were an improvement on Q1 and Q4 2024 (outflows of £(0.9)bn in both periods) and at their lowest level since Q3 2023. – Significant progress made towards our goal of delivering market-leading service levels as part of our broader priority of returning to net inflows as soon as possible; further supported by an improving new business pipeline. Investments: Repositioning to win in areas of strength and market growth – AUM of £359.6bn (31 December 2024: £369.7bn) with movement in the quarter reflecting net outflows and lower markets. – Net outflows of £(6.4)bn, driven by £(4.2)bn low-margin mandate redemption, as previously announced (£(3.7)bn reflected in Institutional & Retail Wealth (“I&RW”) and £(0.5)bn in Insurance Partners). – Gross inflows in I&RW (ex- liquidity) of £8.9bn at highest level for over 2 years and 30% higher than Q4 2024. – Equity net outflows of £(3.3)bn include £(0.7)bn from previously announced fund merger, as well as an additional £(0.7)bn mandate redemption that will have a negligible revenue impact. – Strong performance in fixed income, with net inflows of £1.5bn in the quarter benefiting from a significant European pension client mandate win. Outlook – Last month we set out our ambition to be the UK’s leading Wealth & Investments group, and we are committed to the FY 2026 targets of adjusted operating profit above £300m, and net capital generation of c.£300m. – Clear strategic priorities to transform performance, improve client experience and strengthen our talent and culture. – On course to meet transformation target of at least £150m of annualised cost savings by the end of this year; Group COO to drive long-term benefits of transformation. – ii on track to meet FY 2026 growth targets and deliver Managed SIPP, ii Advice, and ii 360 to further broaden customer appeal. – Adviser service improvements and enhanced platform functionality support target to achieve at least £1bn of net inflows in FY 2026. – Investments benefiting from a £6bn quantitative strategies mandate funding in April; FY 2026 targeting at least £100m of adjusted operating profit. 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_Q1_25
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Enquiries: Institutional equity investors and analysts Duncan Heath +44 (0) 207 1562 495 / (0)788 4109 285 Media Duncan Young Iain Dey (Teneo) +44 (0) 792 0868 865 +44 (0) 797 6295 906 LEI: 0TMBS544NMO7GLCE7H90 Appendix 1 interactive investor Quarterly net flows and additional data 1. Excludes our financial planning business. 2. Source: Compeer, data for Q1 2025 not yet available. Analysis of AUMA Opening AUMA at 1 Jan 2025 Gross inflows Redemptions Net flows Market and other movements Corporate actions Closing AUMA at 31 Mar 2025 3 months ended 31 March 2025 £bn £bn £bn £bn £bn £bn £bn Wealth interactive investor1 77.5 3.7 (2.1) 1.6 (1.4) - 77.7 Adviser2 75.2 1.7 (2.3) (0.6) (0.9) - 73.7 Investments Institutional & Retail Wealth 210.5 10.2 (14.3) (4.1) (1.6) 204.8 Insurance Partners 159.2 5.3 (7.6) (2.3) (2.1) - 154.8 Investments total 369.7 15.5 (21.9) (6.4) (3.7) - 359.6 Eliminations (11.0) (0.5) 0.7 0.2 (0.1) - (10.9) Total AUMA 511.4 20.4 (25.6) (5.2) (6.1) - 500.1 1. Includes financial planning business AUA as at 31 March 2025 of £3.6bn (31 December 2024: £3.7bn). 2. Includes Platform AUA as at 31 March 2025 of £70.9bn (31 December 2024: £72.4bn). Quarterly AUMA 31 Mar 25 31 Dec 24 30 Sep 24 30 Jun 24 31 Mar 24 12 months ended 31 March 2025 £bn £bn £bn £bn £bn Wealth interactive investor 77.7 77.5 74.5 72.9 69.6 Adviser 73.7 75.2 75.1 75.0 75.2 Investments Institutional & Retail Wealth 204.8 210.5 209.0 210.7 215.1 Insurance Partners 154.8 159.2 159.2 158.6 159.2 Investments total 359.6 369.7 368.2 369.3 374.3 Eliminations (10.9) (11.0) (11.1) (11.3) (11.4) Total AUMA 500.1 511.4 506.7 505.9 507.7 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Total customers at period end1 (k) 450 439 430 422 414 407 400 399 Customers holding a SIPP account1 (k) 88 81 76 73 68 62 60 57 Net flows (£bn) 1.6 1.4 1.2 1.9 1.2 0.5 0.6 1.1 Customer cash balances1 (£bn) 6.8 6.2 6.1 5.9 5.7 5.5 5.5 5.7 Daily average retail trading volumes1 (k) 24.0 20.8 18.6 21.0 20.1 15.4 14.2 15.8 Market Share: Trades UK Cash Market1,2 - 26% 26% 25% 25% 26% 26% 25% Market Share: Trades non-UK1,2 - 32% 32% 30% 28% 31% 29% 29% Market Share: SIPP AUA1,2 - 18% 17% 17% 17% 16% 16% 15% Market Share: Total AUA1,2 - 20% 20% 20% 20% 19% 19% 19%
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Quarterly net flows 3 months to 31 Mar 25 3 months to 31 Dec 24 3 months to 30 Sep 24 3 months to 30 Jun 24 3 months to 31 Mar 24 15 months ended 31 March 2025 £bn £bn £bn £bn £bn Wealth interactive investor 1.6 1.4 1.2 1.9 1.2 Adviser (0.6) (0.9) (1.0) (1.1) (0.9) Investments Institutional & Retail Wealth (4.1) 2.3 (2.4) (0.3) 0.7 Insurance Partners (2.3) (1.8) (1.1) (0.9) (0.5) Investments total (6.4) 0.5 (3.5) (1.2) 0.2 Eliminations 0.2 0.2 0.2 0.4 0.3 Total net flows (5.2) 1.2 (3.1) - 0.8 Institutional & Retail Wealth AUM Detailed asset class split Opening AUM at 1 Jan 2025 Gross inflows Redemptions Net flows Market and other movements Corporate actions Closing AUM at 31 Mar 2025 3 months ended 31 March 2025 £bn £bn £bn £bn £bn £bn £bn Developed markets equities 10.6 0.2 (0.5) (0.3) (0.2) - 10.1 Emerging markets equities 8.9 0.3 (1.0) (0.7) (0.4) - 7.8 Asia Pacific equities 15.0 0.2 (2.3) (2.1) (1.0) - 11.9 Global equities 8.5 0.4 (0.6) (0.2) (0.4) - 7.9 Total equities 43.0 1.1 (4.4) (3.3) (2.0) - 37.7 Developed markets credit 22.1 3.8 (1.4) 2.4 0.8 - 25.3 Developed markets rates 2.7 0.1 (0.4) (0.3) (0.3) - 2.1 Emerging markets fixed income 10.3 0.8 (1.4) (0.6) (0.2) - 9.5 Total fixed income 35.1 4.7 (3.2) 1.5 0.3 - 36.9 Diversified growth/income 0.9 - (0.1) (0.1) - - 0.8 MyFolio 16.2 0.4 (0.6) (0.2) (0.1) - 15.9 Other multi-asset 7.6 0.1 (0.6) (0.5) 0.1 - 7.2 Total multi-asset 24.7 0.5 (1.3) (0.8) - - 23.9 UK real estate 14.8 - (0.1) (0.1) (0.3) - 14.4 European real estate 12.7 0.1 - 0.1 (0.3) - 12.5 Global real estate 1.7 0.1 (0.1) - (0.1) - 1.6 Real estate multi-manager 1.4 - - - 0.1 - 1.5 Infrastructure equity 6.6 - - - 0.1 - 6.7 Total real assets 37.2 0.2 (0.2) - (0.5) - 36.7 Total alternative investment solutions (including private credit) 27.6 0.7 (0.5) 0.2 0.6 - 28.4 Total quantitative 20.3 1.7 (3.9) (2.2) 0.3 - 18.4 Total excluding liquidity 187.9 8.9 (13.5) (4.6) (1.3) - 182.0 Total liquidity 22.6 1.3 (0.8) 0.5 (0.3) - 22.8 Total 210.5 10.2 (14.3) (4.1) (1.6) - 204.8 3 months ended 31 March 20241 211.2 9.5 (8.8) 0.7 3.2 - 215.1 1. Total Institutional & Retail Wealth figures, with opening AUM at 1 January 202 4 and closing AUM at 31 March 2024.