LONDON: Abrdn reported 3.1 billion pounds ($4 billion) of net outflows of client funds in the third quarter, underlining the challenges facing new CEO Jason Windsor as he tries to revive the British fund manager's fortunes.
The quarterly outflows were half the 6.7 billion pounds that exited the firm in the same period the prior year.
The company also said its assets under management edged up by around 800 million pounds over the three-month period to 506.7 billion pounds as of September.
Analysts at JP Morgan said the third-quarter outflows were worse than expected, and would likely drive downgrades to forecasts for the company's full-year results.
Mid-sized active fund managers like abrdn have come under pressure in recent years from growing competition from cheaper index-tracking products and inflationary pressure on costs.
Abrdn has been particularly hard hit, suffering more than 10 billion pounds of outflows over each of the past two years.
Windsor - who became CEO last month after an interim stint in charge - said the figures showed the need for improvement, with ongoing withdrawals in its investments and adviser units masking a better picture in its retail arm, interactive investor.
"Today's update shows strong performance in parts of our group; however, it also underlines the importance of delivering on the priorities I set out," Windsor said.