Abrdn takes £600m hit to its advice arm in six months as inflation bites

Half-year results published by the asset manager today (8 August) confirmed the figure but said high inflation and interest rates had "resulted in net flows being down significantly for the adviser platform market as a whole". Adjusted operating profit was up however, with Abrdn recording a 29% increase between January and June to reach £49m which it said was mainly reflecting higher net interest margin. Despite a persistently poor economic outlook for the UK, Abrdn said its medium-term market opportunities remain "compelling". The results read: "Using the capacity created from our...