Abrdn swung to a loss in the first six months of the year, as it posted a pre-tax loss of £320m.
This compared with a profit of £113m in the same period last year, while revenue from fees fell 8%. The diluted loss per share was 13.9p, from earnings of 4.7p per share a year ago.
Abrdn said it expected the gloomy outlook to improve in the second half. However, the share price fell 5% as markets opened in London, bringing its overall decline in the past year to 45%.
Assets under management and administration at the group fell to £508bn, compared with £542bn in the first half of 2021, despite being partially offset by assets flowing in from the £1.5bn purchase of Interactive Investor.
The fall was driven by the withdrawal of more than £24bn of assets linked to a cancelled deal with Lloyds Banking Group.
