Abrdn to bring back vowels as it swings to profit

(Sharecast News) - Asset manager Abrdn said on Tuesday that it was putting the missing vowels back into its name as it reported a swing into the black. The company, which rebranded from Aberdeen Standard Life in 2021 following the merger of the two asset managers, will be changing its name to Aberdeen as it looks to remove distractions.

News of the name change came as Abrdn said it swung to a pre-tax profit of £251m in 2024, from a loss of £6m a year earlier, with adjusted operating profit up 2% to £255m. Abrdn put the improvement down to cost discipline, better markets and a strong performance by Interactive Investor.

Assets under management and administration rose 3% to £511.4bn with total group outflows of £1.1bn, which is an improvement on 2023's outflows of £17.6bn.

Abrdn highlighted strong customer and AUMA growth in Interactive Investor, supported by market conditions, which it said more than offset the impact of the sale of its European-headquartered private equity business.

Chief executive Jason Windsor said: "The group grew profit in 2024 for the first time in three years, with each business increasing its contribution. As our momentum shifts to growth, we have a clear focus on improving client experience and shareholder returns. We have strengthened and streamlined our senior leadership team and, with our sharper focus, we are committing to better results again in 2025 and 2026."

He added: "This is a group to be proud of, with a promising future. We will deliver by looking forward with confidence and removing distractions. To that end, we are changing our name to aberdeen group plc. This is a pragmatic decision marking a new phase for the organisation, as we focus on delivering for our customers, people and shareholders."