Abrdn sees private credit assets grow to £8.8bn in H1
Abrdn’s private credit assets under management (AUM) grew by 8.6 per cent year-on-year to £8.8bn in the first half of 2024, as the global asset manager reported a strong investment performance across alternatives.
Revenue from its private credit portfolio also grew over the period, rising by 14 per cent year-on-year to £8m.
“We continue to deliver strong investment performance across our alternatives, fixed income, liquidity and quantitative strategies with the majority of AUM outperforming the relevant comparator benchmarks,” the FTSE 250 firm said.
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The growth in private credit comes alongside a steady performance across the rest of the business, which was broadly in line with market expectations.
Abrdn reported a one per cent rise in adjusted operating profit of £128m, compared to £127m at the end of the first half of to 2023.
Net operating revenue was seven per cent lower at £667m, compared to £721m in the first half of 2023, but adjusted operating expenses reduced by nine per cent to £539m, from £594m at the same point last year.
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“In the first half of the year we have made an encouraging start as we become more efficient, and we enhance our propositions to lay the foundations for growth,” said interim chief executive officer Jason Windsor.
“We have three core businesses, with strong, scale positions in attractive markets and each has headroom to grow. While market conditions remain challenging, we are firmly on track to realise at least £150m of annualised cost savings by the end of 2025.
“These are solid foundations, positioning us for a step-change in performance and allowing us to invest further in growth.”
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