Abrdn have announced that clients have withdrawn billions from the investment firms which comes as they are starting major job cuts this year.
The fund manager and wealth specialist had a pre-tax loss plumet by £6 million in 2023 and in January the company announced they are to cut 500 jobs which is part off an overhaul to save £150 million.
In 2003 Abrdn reported £13.9 billion in net outflows as a lot of their clients pulled funds which in part led to a 4% fall in net operating revenue of £1.4 billion.
Expenses decreased by4% and there was £152 million in restructuring and corporate transaction expenses over the year.
Stephen Bird, chief executive officer of Abrdn, said: “Over the past three years we have reshaped the business to fit the modern investment landscape.
“We now have content and distribution aligned to the products and services clients need, and we are better positioned for future growth.
“We are taking action to rebuild and grow profit in our investments business.
“We have sharpened our focus on improving investment performance, streamlined our fund range, reduced costs by £102 million in 2023, exceeding our £75 million target and we announced a new cost-saving programme of at least £150 million on January 24.”
