Scottish asset manager Abrdn has revealed a disappointing 2022 in its most recent financial results for what CEO Stephen Bird described as “one of the toughest investing years in living memory”.
The firm posted a pre-tax loss of £615m, far below the £1.1bn profit enjoyed by the asset manager the year prior. The results also showed that the company suffered net outflows of £10.3bn, up from £3.2bn the year before.
The disappointing results reflect the slowdown in the investment world throughout 2022, which saw tech funding decline after a post-pandemic bull market fuelled by cheap capital.
However, Abrdn remains determined to march on. Bird said: “We are building a stronger Abrdn. As we exit year two of our three-year strategic plan, the structure of our group is now broadly set.”
The chief executive said the company is “increasingly well-positioned for growth” and was “making progress on our commitment to focus on areas of scale and strength, and to simplify and reduce costs in the business”.
The FTSE 100 asset manager has a heavy presence in the UK tech investment community. It currently holds a stake in UK tech startups including Signal AI, Finimize, Nucoro, and the cryptoasset firm Archax.
Abrdn previously backed the now-collapsed EV battery company Britishvolt, the assets of which were recently acquired by the Australian firm Recharge Industries.
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