abrdn is merging or shuttering 100 funds in a move to save on costs, the Scottish investment house confirmed to Investment Week, as AUM at its asset management arm declined 17% in the first half of 2022.
A spokesperson said: “We have now reviewed around 550 funds and concluded that 20% with an AUM of approximately £7bn were subscale, inefficient or not aligned with our core strengths.”
abrdn’s first half year report revealed its investments business planned net cost savings of £75m by 2024, with gross cost savings of £150m and £75m investment “in future growth and inflation”.
It said restructuring costs were expected to be up at £150m for the full year 2022, excluding corporate transaction costs.
Read more: Investment Week
