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(Bloomberg) -- Shares of Abrdn Plc jumped the most in almost five years after reporting £1.2 billion ($1.5 billion) in total net inflows last quarter in a rare respite for the struggling asset manager.
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Clients of Abrdn’s investments unit added a net £0.5 billion in the three months through December, according to a statement on Tuesday. The inflows were driven by demand for alternatives, quantitative strategies and liquidity products, the firm said. Its adviser business, which caters to financial planners, continued to see outflows.
It also said adjusted operating profit for fiscal 2024 is expected to be in line with current market expectations. Assets under management and administration rose 1% from the previous quarter to £511 billion.
The stock advanced as much as 9.6% in early London trading, the biggest intraday gain since April 2020.
The Edinburgh-based company has endured a few tumultuous years of outflows followed by consecutive rounds of job cuts. Jason Windsor, who was named chief executive officer last year after his predecessor stepped down, has since replaced the head of Abrdn’s asset-management unit as part of a wider leadership overhaul.
A year ago, Abrdn announced plans for another round of job reductions to rein in costs and said it would eliminate roughly 500 roles, or 10% of its workforce, as part of a program it said would save at least an annualized £150 million. The company said that it’s on track to achieve that target.
(Updates with shares from first paragraph.)
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