Achi news desk-
It was a much-needed boost to the company’s troubled investment business, which has been marred by outflows in recent years. Indeed, the company is currently in the midst of a major restructuring program in an attempt to return it to an “acceptable level of profitability”, a process expected to result in around 500 job losses.
Mr Bird came to light when it emerged in February that he was likely to receive a bonus of almost £800,000 as the company reported a fall in profits, revenue and further outflows from its funds and restate plans to cut staff. Therefore, it is very possible that he breathed a sigh of relief when he managed to give the City more positive news this morning.
abrdn reported that assets under management and administration (AUMA) rose 3% to £507.7 billion in the three months to 31 March, “reflecting stronger markets and positive net flows”. Within that, assets under management in its investment business increased to £374.3bn, from £366.7bn on 31 December 2023, while there was also growth in AUMA in its Advisers and interactive investors divisions.
“Our cost transformation program is on track as we take steps to sustainably restore our business to a more acceptable level of profitability,” Mr Bird said. “Our key focus, and our most important priority, is to deliver investment performance for all our clients.”
But the day did not pass completely peacefully for Mr Bird and his senior leadership team. Climate change protesters who opposed the company’s investments in oil, gas and coal disrupted the company’s annual meeting in Edinburgh, outside the Assembly Rooms and as chairman Sir Douglas Flint was delivering his opening remarks. Mr Bird was also urged by several shareholders to rule out investments in fossil fuels.
In a clip posted by environmental campaign group Tipping Point UK on X, formerly Twitter, one protester at the meeting declared: “abrdn, you are driving us towards climate collapse by continuing to pour money into coal, oil and gas. ”
The protester then appeared to be escorted from the meeting. Mr Bird will have been glad to return to his spreadsheets after the business of the Annual General Meeting was over.
