Abrdn assets up to £542bn as Interactive hits £59bn

Abrdn CEO Stephen Bird

Edinburgh-based investment giant Abrdn said on Wednesday its assets under management and administration (AUMA) at December 31, 2021, increased to £542 billion, compared with £535 billion at December 31, 2020. 

Abrdn said in a stock exchange statement its financial results for the full year ended December 31, 2021, will be announced on March 1, 2022.

“Overall, trading for the year was in line with management expectations, with the trajectory in revenue growth seen in the first half of 2021 broadly continuing for the full year,” said Abrdn.

“AUMA at 31 December 2021 increased to £542 billion, compared with £535 billion at 31 December 2020.”

Abrdn announced plans in December to acquire Manchester-based investment platform Interactive Investor for £1.49 billion.

On Wednesday, Abrdn said: “Interactive Investor has continued to have good momentum during the second half of 2021.

“In the six months to 31 December 2021, the business attracted c.17,500 new customers, c.12 per cent. higher than in the comparable period in 2020, and continues to retain high levels of assets per customer.

“At 31 December 2021, interactive investor had c.403,000 customers and AUA of c.£59 billion.

“Trading volumes have remained significantly above pre-COVID-19 levels with daily average retail trades volumes of c.22,000 over the twelve months to 31 December 2021, compared with c.8,700 over the same period to 31 December 2019. “

Abrdn has been forced to delay its shareholder approval vote the Interactive Investor acquisition due to a shortage of paper caused by international supply chain problems.

Abrdn added: “Further to the announcement on 2 December 2021 in relation to the proposed acquisition of Interactive Investor by Abrdn  … Abrdn announces that its Class 1 Circular in relation to the acquisition has today been approved by the Financial Conduct Authority.

“Copies of the circular will shortly be posted to Abrdn’s shareholders (other than those who have elected for notification by electronic communication).

“Completion of the acquisition is conditional on, among other things, the approval of Abrdn’s shareholders.

“Accordingly, a general meeting of Abrdn will be held at 2 p.m. on 15 March 2022 at etc.venues St Paul’s, 200 Aldersgate, London, EC1A 4HD, at which an ordinary resolution will be proposed for Abrdn’s shareholders to approve the acquisition.”