FTSE 100: abrdn Share Price Falls as Assets Decline

The share price of investment management company abrdn PLC (GB:ABDN) fell by 11% yesterday after the company’s assets under management declined in its first-half earnings for 2023. Challenging market conditions harmed the company’s financial results during the first half of the year.

abrdn reported a decrease of almost 1% in assets under management and administration, amounting to £495.7 billion as of June 30, down from £500.0 billion six months ago. During the first half of 2023, abrdn noted client withdrawals totaling £4.4 billion, marking a 16% increase compared to the corresponding period last year. This was mainly due to short-term investors losing hope in an environment of high inflation and interest rates.