Abrdn pilots AI with in-house version of ChatGPT

Abrdn CEO Stephen Bird

Edinburgh investment giant Abrdn has started to give staff access to an in-house version of ChatGPT as the FTSE 100 asset manager looks to adopt generative artificial intelligence (AI) technology.

“We’ve got our own version of AI running internally,” Abrdn chief executive Stephen Bird told London trade publication Financial News.

“I’ve been trained on it and many of my colleagues have been trained on it …

“We think there are applications right across the firm, such as producing investment reports.

“It gives you something like a 95% working draft.”

Abrdn shares have fallen more than 13% since August 8 when it announced its assets under management and administration slipped 1% to £496 billion in the first half of 2023 as it reported net outflows “excluding liquidity” of £4.4 billion.

Abrdn said on August 8 positive flows of £1.9 billion at its Interactive Investor (ii) business were “offset by outflows” in its investments unit and adviser business.

The Edinburgh investment group also announced on August 8 it will double its current share buyback programme to £300 million.

For the last 12 months, Abrdn shares are up roughly 4%.

Abrdn said its first-half net operating revenue was 4% higher at £721 million with growth in its adviser and personal businesses offsetting lower revenue in its investments division.

Adjusted operating profit for the first half was up 10% to £127 million, but Abrdn reported IFRS loss before tax of £169 million (H1 2022: loss £326m) “largely driven by the fall in market value of our listed stakes.”

Interim dividend was unchanged at 7.3p.