Stock Markets April 22, 2026 03:37 AM

Aberdeen posts mixed quarterly flows as interactive investor offsets wider outflows

Digital platform posts record inflows and customer growth while investments and adviser arms see larger net withdrawals

By Derek Hwang
Aberdeen posts mixed quarterly flows as interactive investor offsets wider outflows

Aberdeen shares nudged higher after the asset manager reported a quarter of contrasting fund flows: a record performance at interactive investor with strong customer gains and SIPP transfers was counterbalanced by heavier-than-expected net outflows in Investments and Adviser divisions, leaving group assets slightly under consensus.

Key Points

  • Interactive investor achieved record net inflows of  billion, up 88% year-on-year.
  • Investments division net outflows widened to .4 billion, including a disclosed  billion low-margin equity mandate.
  • Group AUM/AUA were slightly below consensus, with the sale of interactive investor's financial planning business (holding .6 billion of AUA) and market movements contributing to the quarter-on-quarter decline.

Aberdeen Plc shares rose 0.2% on Wednesday after the asset manager disclosed a quarterly flows update that combined standout growth at its interactive investor arm with heavier net withdrawals elsewhere in the business.

Interactive investor strength

The company's interactive investor platform delivered net inflows of  billion during the quarter, an 88% increase year-on-year and a new quarterly record for the digital wealth business. Customer numbers increased 14% from a year earlier to 513,000 customers; excluding the Jarvis acquisition, customer growth measured 9%.

SIPP transfers showed meaningful momentum, rising 10% in the quarter and 32% compared with the prior year. Trading volumes at interactive investor remained elevated over the period, supporting the platform's robust intake.

Outflows in Investments and Adviser

These gains were offset by net outflows in the Investments and Adviser divisions that exceeded expectations. The Investments division recorded net outflows widening to .4 billion, all of which were reported within Institutional & Retail Wealth. That figure included a previously disclosed  billion low-margin equity mandate.

Insurance Partners flows improved to flat from negative .3 billion a year earlier.

The Adviser division posted net outflows of  hundred million, though gross inflows rose by  hundred million to .9 billion.

Separately, the Aberdeen SIPP added 3,000 customers since its launch at the end of 2025. The business is preparing for leadership change with a new CEO joining from M&G Wealth.

Group assets and business mix

Group assets under management and administration came in slightly below consensus expectations, although management highlighted a positive shift in business mix. A contributing factor to the quarterly decline in assets under administration was the disposal of interactive investor's financial planning business, which held .6 billion of AUA, combined with market movements over the period.


What this means

The quarter showed a clear divergence across Aberdeen's operating divisions: interactive investor continued to expand its retail footprint and transaction activity, while investment mandates and adviser flows produced larger net redemptions than anticipated. Group AUM/AUA was marginally short of consensus, with the divestment of the financial planning business and market moves noted as drivers of the AUA decline.

Risks

  • Higher-than-expected net outflows in the Investments division reduced overall group inflows, affecting asset management revenue - impacts the investment management sector and institutional wealth markets.
  • Adviser division net outflows, despite rising gross inflows, could indicate client retention or deployment challenges that affect the wealth advisory segment.
  • Group AUM/AUA came in slightly below consensus and the disposal of a business unit reduced AUA, introducing near-term volatility in reported assets - relevant to asset managers and wealth platforms.

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