Abrdn
plans
to
slash
around
500
jobs,
and
said
it
will
kick
off
a
transformation
programme
to
generate
annual
savings
of
£150
million
by
the
end
of
2025.
The
programme
will
include
removing
management
layers,
increasing
spans
of
control,
efficiencies
in
outsourcing
and
technology
areas,
as
well
as
cutting
overheads
in
group
functions
and
support
services.
While
most
of
the
savings
will
come
from
non-staff
costs,
it
expects
to
cut
around
500
roles.
Sky
News
had
reported
the
plans
for
the
job
cuts
on
Tuesday.
Abrdn
employs
around
5,000
people.
Chief
Executive
Officer
Stephen
Bird
said:
“Market
conditions
have
remained
challenging
for
our
mix
of
business,
and
this
is
reflected
in
our
year-end
assets
under
management
and
administration,
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.”
Abrdn
said
that
as
of
December
31,
assets
under
management
and
administration
fell
to
£494.9
billion,
down
from
£495.7
billion
at
June
30.
Meanwhile,
net
outflows
worsened
to
£12.4
billion
in
the
second
half,
from
£5.2
billion
in
the
first
half.
For
2023
as
a
whole,
abrdn
expects
adjusted
operating
profit
to
be
broadly
in
line
with
consensus,
which
it
does
not
outline.
It
expects
adjusted
capital
generation
to
be
above
consensus,
“owing
to
higher
interest
income
on
the
group’s
cash
balances”.
Abrdn
shares
fell
3.7%
to
165.9p
each
on
Wednesday
morning
in
London,
before
rising
again.
At
the
time
of
publication
it
is
1%
down
at
170p.
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