21st Jan 2026 07:00
21 January 2026
Aberdeen Group plc
Q4 2025: AUMA and flows trading update
Key highlights:
- AUMA of £556.0bn up 9% year-on-year (31 December 2024: £511.4bn), benefiting from positive markets.
- Strong performance in interactive investor, with total customers up 14% year-on-year to 500k, higher daily trading volumes in Q4 of 29.2k (Q4 2024: 20.8k), and Q4 net flows of £1.4bn.
- Adviser net outflows in Q4 of £(0.8)bn impacted by higher redemptions ahead of the UK Budget, with improved full year outflows of £(2.2)bn reflecting focus on service and repricing.
- Investments AUM of £390.4bn up 6% year-on-year, driven by positive markets. Q4 net outflows of £(3.0)bn include the previously announced £4.5bn low margin quants withdrawal, partly offset by the inflow from the Stagecoach Group Pension Scheme and continued momentum in commodities and fixed income.
- FY 2025 Group adjusted operating profit expected to be in line with current market expectations.
AUMA and flows (unaudited)
| AUMA |
| Net flows | ||||
31 Dec 25 £bn | 30 Sep 25 £bn | 31 Dec 24 £bn | FY 2025 £bn | FY 2024 £bn | Q4 2025 £bn | Q4 2024 £bn | |
Wealth | |||||||
interactive investor | 97.5 | 93.0 | 77.5 | 7.3 | 5.7 | 1.4 | 1.4 |
Adviser | 80.4 | 79.0 | 75.2 | (2.2) | (3.9) | (0.8) | (0.9) |
Investments | |||||||
Institutional & Retail Wealth | 222.7 | 218.0 | 210.5 | (2.1) | 0.3 | (1.8) | 2.3 |
Insurance Partners | 167.7 | 164.3 | 159.2 | (6.8) | (4.3) | (1.2) | (1.8) |
Investments total | 390.4 | 382.3 | 369.7 | (8.9) | (4.0) | (3.0) | 0.5 |
Eliminations | (12.3) | (11.9) | (11.0) | (0.1) | (1.1) | (0.1) | 0.2 |
Total | 556.0 | 542.4 | 511.4 | (3.9) | (1.1) | (2.5) | 1.2 |
Jason Windsor, Chief Executive Officer, said:
"As today's update underlines, Aberdeen is in much better shape than it was a year ago with each of our three businesses making progress as we deliver on our strategy to become the UK's leading Wealth & Investments group.
"interactive investor performed very strongly in 2025, growing 14% to half a million customers. This growth, along with further enhancements to our customer proposition, mean that the business is well set up to sustain its impressive performance.
"Adviser saw flows improve by more than 40% over the 12 months. Service levels have got better, and in December we launched our Aberdeen SIPP, as we seek to return to growth in 2026. However, as previously flagged, flows in Q4 were impacted by the uncertainty leading up to the UK Budget - which led to an increase in customer withdrawals.
"In Investments, AUM continued to benefit from positive markets, and aside from the previously disclosed single large redemption, the Institutional & Retail Wealth segment improved its flows performance year-on-year. We ended 2025 with the US Closed End Fund and innovative Stagecoach transactions adding to our growth prospects.
"I am optimistic about the outlook for 2026 and we start the year with positive momentum."
All figures to 31 December 2025, unless otherwise stated. All figures in this announcement are unaudited and subject to revision.
interactive investor (ii): Strong momentum in key metrics
- Continued growth in customers, with total customers of 500k up 14% year-on-year (9% excluding Jarvis acquisition) and 105k SIPP customers at period end, up 30% year-on-year.
- Engagement remains robust with daily average retail trades (DARTs) in Q4 of 29.2k, at a record level and up 40% versus Q4 2024.
- Net inflows of £1.4bn in Q4 (Q4 2024: £1.4bn), with FY 2025 flows of £7.3bn, up 28% year-on-year and representing 9% of opening AUMA.
- AUMA 26% higher at £97.5bn (31 December 2024: £77.5bn), benefiting from positive markets and significantly increased flows.
- Ongoing improvements to customer proposition with managed SIPP now launched, iiAdvice (a digital advice service) available to select customers ahead of wider launch, and ii360 (an advanced trading platform) in advanced testing.
- Announced changes to simplify pricing and further improve our competitive positioning to take effect in February 2026.
 |
Adviser: Continued improvement to proposition, Q4 flows affected by UK Budget
- Net outflows in Q4 of £(0.8)bn (Q4 2024: £(0.9)bn), impacted by higher redemptions ahead of the UK Budget.
- Full year net outflows of £(2.2)bn, 44% better year-on-year reflecting continued focus on service, the previously announced repricing and ongoing improvements to the client proposition.
- Client proposition significantly enhanced through launch of the Aberdeen SIPP in December.
- AUMA of £80.4bn (31 December 2024: £75.2bn), driven by positive market movements.
- Ongoing focus on delivering market-leading service levels has led to a further improvement in net promoter score to +45 for FY2025 (FY 2024: +34).
 |
Investments: Improved net flows in fixed income, multi-asset and equities
- AUM of £390.4bn (31 December 2024: £369.7bn) with movement in Q4 reflecting positive markets, partly offset by net outflows of £(3.0)bn (Q4 2024: £0.5bn inflow).
- Net outflows in Q4 include the previously announced £4.5bn low margin quants withdrawal and Insurance Partners outflows of £(1.2)bn (Q4 2024: £(1.8)bn), principally reflecting Phoenix's heritage business in run-off.
- Institutional & Retail Wealth net outflows of £(1.9)bn excluding liquidity (Q4 2024: £2.3bn inflow), included higher gross inflows in equities, multi-asset, alternatives and fixed income.
- Net outflows in equities in Q4 of £(0.9)bn improved by 40% year-on-year and included wins in global equities. Equity redemptions also improved significantly but remain elevated.
- Multi-asset net inflows in Q4 include £1.2bn of assets relating to the Stagecoach Group Pension Scheme agreement, which leverages our pension solutions expertise.
- Q4 net inflows of £1.3bn in alternatives were up c.85%. This largely reflects the continued attraction of our commodity ETFs, with AUM increasing 35% in the quarter to £15.8bn.
- Given changes in asset mix, FY 2025 revenue margin in Investments now expected to be around 19.2bps.
- In December, we announced that we had reached agreement with MFS to acquire the management of closed-end fund assets totalling £1.5bn. This deal, which is subject to approval, will further cement Aberdeen's position as the fifth largest asset manager of closed-end funds globally.
|
Outlook:
- FY2025 Group adjusted operating profit expected to be in line with current market expectations.
- We are confident in the outlook for the business, as reflected in the FY 2026 Group targets of adjusted operating profit at least £300m, and net capital generation of c.£300m.
- With effect from year end 2025 our capital requirement will be based on the Group's internal capital assessment, which will be lower. We will provide an update with our full year results.
|
Management will be hosting a call for analysts at 8:30am (GMT) today. To access a webcast of the conference call, please use the following link: https://brrmedia.news/ABDN_Q425
 |
Enquiries:
Institutional equity investors and analysts
Duncan Heath | 0207 1562 495 | Corbin Chaplin | 0131 3729 133 |
0788 4109 285 | 0777 4332 428 | ||
Media Duncan Young |
0792 0868 865 |
Iain Dey (Teneo) |
0797 6295 906 |
Appendix
interactive investor
Quarterly net flows and additional data
Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | |
Total customers at period end1,2 (k) | 500 | 492 | 461 | 450 | 439 | 430 | 422 |
Customers holding a SIPP account1,2 (k) | 105 | 98 | 92 | 88 | 81 | 76 | 73 |
Net flows (£bn) | 1.4 | 1.9 | 2.4 | 1.6 | 1.4 | 1.2 | 1.9 |
Customer cash balances1 (£bn) | 8.0 | 7.3 | 7.0 | 6.8 | 6.2 | 6.1 | 5.9 |
Daily average retail trading volumes1 (k) | 29.2 | 26.6 | 26.4 | 24.0 | 20.8 | 18.6 | 21.0 |
Market Share: Trades UK Cash Market1,3 | - | 29% | 27% | 26% | 26% | 26% | 25% |
Market Share: Trades non-UK1,3 | - | 34% | 31% | 31% | 32% | 32% | 30% |
Market Share: SIPP AUA1,3 | - | 19% | 18% | 18% | 18% | 17% | 17% |
Market Share: Total AUA1,3 | - | 21% | 21% | 20% | 20% | 20% | 20% |
1. Excludes our financial planning business.
2. Q4 2025 total customers includes c.21k expected customers following the acquisition of the direct-to-consumer retail book from Jarvis Investment Management Limited. The c.21k expected figure is net of c.5k Jarvis customers who are expected to close their accounts by mid-2026 - based on trends seen from previous M&A activity.
3. Source: BWC Benchmarking, data for Q4 2025 not yet available.
Analysis of AUMA
3 months ended 31 December 2025 | Opening AUMA at 1 Oct 2025 £bn |
Gross inflows £bn |
Redemptions £bn |
Net flows £bn | Market and other movements £bn |
Corporate actions3 £bn |
Closing AUMA at 31 Dec 25 £bn |
Wealth | |||||||
interactive investor1 | 93.0 | 4.1 | (2.7) | 1.4 | 3.1 | - | 97.5 |
Adviser2 | 79.0 | 1.9 | (2.7) | (0.8) | 2.2 | - | 80.4 |
Investments |
| ||||||
Institutional & Retail Wealth | 218.0 | 12.0 | (13.8) | (1.8) | 5.5 | 1.0 | 222.7 |
Insurance Partners | 164.3 | 5.8 | (7.0) | (1.2) | 4.6 | - | 167.7 |
Investments total | 382.3 | 17.8 | (20.8) | (3.0) | 10.1 | 1.0 | 390.4 |
Eliminations | (11.9) | (1.1) | 1.0 | (0.1) | (0.3) | - | (12.3) |
Total AUMA | 542.4 | 22.7 | (25.2) | (2.5) | 15.1 | 1.0 | 556.0 |
12 months ended 31 December 2025 | Opening AUMA at 1 Jan 2025 £bn |
Gross inflows £bn |
Redemptions £bn |
Net flows £bn | Market and other movements £bn |
Corporate actions4 £bn |
Closing AUMA at 31 Dec 25 £bn |
Wealth | |||||||
interactive investor1 | 77.5 | 16.2 | (8.9) | 7.3 | 11.6 | 1.1 | 97.5 |
Adviser2 | 75.2 | 6.9 | (9.1) | (2.2) | 7.4 | - | 80.4 |
Investments |
| ||||||
Institutional & Retail Wealth | 210.5 | 45.0 | (47.1) | (2.1) | 14.5 | (0.2) | 222.7 |
Insurance Partners | 159.2 | 18.3 | (25.1) | (6.8) | 15.3 | - | 167.7 |
Investments total | 369.7 | 63.3 | (72.2) | (8.9) | 29.8 | (0.2) | 390.4 |
Eliminations | (11.0) | (3.9) | 3.8 | (0.1) | (1.2) | - | (12.3) |
Total AUMA | 511.4 | 82.5 | (86.4) | (3.9) | 47.6 | 0.9 | 556.0 |
1. Includes financial planning business AUA at 31 December 2025 of £3.6bn (30 September 2025: £3.6bn, 31 December 2024: £3.7bn) and FY 2025 net outflows of £(0.3)bn (FY 2024: £(0.3)bn). Sale of the financial planning business is expected to complete in Q1 2026.
2. Includes Platform AUA at 31 December 2025 of £77.0bn (30 September 2025: £75.8bn, 31 December 2024: £72.4bn).
3. Corporate actions in Q4 2025 relate to the acquisition by Tritax Big Box REIT plc of certain real estate logistics assets (£1.0bn).
4. Corporate actions in 2025 relate to the takeover of Tritax Eurobox (£(1.2)bn), the acquisition of the direct-to-consumer retail book from Jarvis Investment Management Limited (£1.1bn) and the acquisition by Tritax Big Box REIT plc of certain real estate logistics assets (£1.0bn).
Quarterly AUMA
12 months ended 31 December 2025 |
31 Dec 25 £bn |
30 Sep 25 £bn |
30 Jun 25 £bn |
31 Mar 25 £bn |
31 Dec 24 £bn |
Wealth | |||||
interactive investor | 97.5 | 93.0 | 84.7 | 77.7 | 77.5 |
Adviser | 80.4 | 79.0 | 75.7 | 73.7 | 75.2 |
Investments | |||||
Institutional & Retail Wealth | 222.7 | 218.0 | 209.8 | 204.8 | 210.5 |
Insurance Partners | 167.7 | 164.3 | 158.1 | 154.8 | 159.2 |
Investments total | 390.4 | 382.3 | 367.9 | 359.6 | 369.7 |
Eliminations | (12.3) | (11.9) | (10.7) | (10.9) | (11.0) |
Total AUMA | 556.0 | 542.4 | 517.6 | 500.1 | 511.4 |
Quarterly net flows
15 months ended 31 December 2025 |
3 months to 31 Dec 25 £bn |
3 months to 30 Sep 25 £bn |
3 months to 30 Jun 25 £bn |
3 months to 31 Mar 25 £bn |
3 months to 31 Dec 24 £bn |
Wealth | |||||
interactive investor | 1.4 | 1.9 | 2.4 | 1.6 | 1.4 |
Adviser | (0.8) | (0.5) | (0.3) | (0.6) | (0.9) |
Investments | |||||
Institutional & Retail Wealth | (1.8) | (0.7) | 4.5 | (4.1) | 2.3 |
Insurance Partners | (1.2) | (1.1) | (2.2) | (2.3) | (1.8) |
Investments total | (3.0) | (1.8) | 2.3 | (6.4) | 0.5 |
Eliminations | (0.1) | (0.1) | (0.1) | 0.2 | 0.2 |
Total net flows | (2.5) | (0.5) | 4.3 | (5.2) | 1.2 |
Institutional & Retail Wealth AUM
Detailed asset class split
3 months ended 31 December 2025 |
Opening AUM at 1 Oct 2025 £bn |
Gross inflows £bn |
Redemptions £bn |
Net flows £bn | Market and other movements £bn |
Corporate actions1 £bn |
Closing AUM at 31 Dec 25 £bn |
Developed markets equities | 10.0 | 0.1 | (0.5) | (0.4) | 0.2 | - | 9.8 |
Emerging markets equities | 8.6 | 0.6 | (0.6) | - | 0.4 | - | 9.0 |
Asia Pacific equities | 12.8 | 0.2 | (0.8) | (0.6) | 0.6 | - | 12.8 |
Global equities | 8.3 | 0.6 | (0.5) | 0.1 | 0.2 | - | 8.6 |
Total equities | 39.7 | 1.5 | (2.4) | (0.9) | 1.4 | - | 40.2 |
Developed markets credit | 26.1 | 1.1 | (1.1) | - | 0.4 | - | 26.5 |
Developed markets rates | 2.3 | 0.2 | (0.2) | - | 0.1 | - | 2.4 |
Emerging markets fixed income | 10.2 | 0.9 | (0.3) | 0.6 | 0.2 | - | 11.0 |
Total fixed income | 38.6 | 2.2 | (1.6) | 0.6 | 0.7 | - | 39.9 |
Diversified growth/income | 0.8 | 0.2 | (0.2) | - | - | - | 0.8 |
MyFolio | 16.5 | 0.4 | (0.7) | (0.3) | (0.5) | - | 15.7 |
Other multi-asset | 6.9 | 1.6 | (0.3) | 1.3 | (0.6) | - | 7.6 |
Total multi-asset | 24.2 | 2.2 | (1.2) | 1.0 | (1.1) | - | 24.1 |
UK real estate | 14.9 | 0.2 | (0.3) | (0.1) | 0.4 | 1.0 | 16.2 |
European real estate | 11.5 | - | (0.3) | (0.3) | (0.2) | - | 11.0 |
Global real estate | 1.5 | 0.1 | 0.1 | 0.2 | - | - | 1.7 |
Real estate multi-manager | 1.4 | - | - | - | (0.1) | - | 1.3 |
Infrastructure equity | 6.7 | 0.1 | (0.1) | - | 0.1 | - | 6.8 |
Total real assets | 36.0 | 0.4 | (0.6) | (0.2) | 0.2 | 1.0 | 37.0 |
Alternatives and private market solutions | 18.1 | 0.3 | (0.1) | 0.2 | - | - | 18.3 |
Commodities | 11.7 | 1.5 | (0.3) | 1.2 | 2.9 | - | 15.8 |
Private credit | 1.7 | - | (0.1) | (0.1) | 0.2 | - | 1.8 |
Total alternative investment solutions | 31.5 | 1.8 | (0.5) | 1.3 | 3.1 | - | 35.9 |
Total quantitative | 28.2 | 2.0 | (5.7) | (3.7) | 0.7 | - | 25.2 |
Total excluding liquidity | 198.2 | 10.1 | (12.0) | (1.9) | 5.0 | 1.0 | 202.3 |
Total liquidity | 19.8 | 1.9 | (1.8) | 0.1 | 0.5 | - | 20.4 |
Total | 218.0 | 12.0 | (13.8) | (1.8) | 5.5 | 1.0 | 222.7 |
1. Corporate actions in Q4 2025 relate to the acquisition by Tritax Big Box REIT plc of certain real estate logistics assets (£1.0bn).
12 months ended 31 December 2025 | Opening AUM at 1 Jan 2025 £bn |
Gross inflows £bn |
Redemptions £bn |
Net flows £bn | Market and other movements £bn |
Corporate actions1 £bn |
Closing AUM at 31 Dec 25 £bn |
Developed markets equities | 10.6 | 0.8 | (2.1) | (1.3) | 0.5 | - | 9.8 |
Emerging markets equities | 8.9 | 1.2 | (2.6) | (1.4) | 1.5 | - | 9.0 |
Asia Pacific equities | 15.0 | 1.0 | (4.3) | (3.3) | 1.1 | - | 12.8 |
Global equities | 8.5 | 1.5 | (1.9) | (0.4) | 0.5 | - | 8.6 |
Total equities | 43.0 | 4.5 | (10.9) | (6.4) | 3.6 | - | 40.2 |
Developed markets credit | 22.1 | 6.8 | (4.7) | 2.1 | 2.3 | - | 26.5 |
Developed markets rates | 2.7 | 1.0 | (1.2) | (0.2) | (0.1) | - | 2.4 |
Emerging markets fixed income | 10.3 | 3.0 | (2.8) | 0.2 | 0.5 | - | 11.0 |
Total fixed income | 35.1 | 10.8 | (8.7) | 2.1 | 2.7 | - | 39.9 |
Diversified growth/income | 0.9 | 0.3 | (0.4) | (0.1) | - | - | 0.8 |
MyFolio | 16.2 | 1.4 | (2.8) | (1.4) | 0.9 | - | 15.7 |
Other multi-asset | 7.6 | 2.1 | (1.7) | 0.4 | (0.4) | - | 7.6 |
Total multi-asset | 24.7 | 3.8 | (4.9) | (1.1) | 0.5 | - | 24.1 |
UK real estate | 14.8 | 0.9 | (0.8) | 0.1 | 0.3 | 1.0 | 16.2 |
European real estate | 12.7 | 0.2 | (0.6) | (0.4) | (0.1) | (1.2) | 11.0 |
Global real estate | 1.7 | 0.3 | (0.3) | - | - | - | 1.7 |
Real estate multi-manager | 1.4 | - | - | - | (0.1) | - | 1.3 |
Infrastructure equity | 6.6 | 0.2 | (0.2) | - | 0.2 | - | 6.8 |
Total real assets | 37.2 | 1.6 | (1.9) | (0.3) | 0.3 | (0.2) | 37.0 |
Alternatives and private market solutions | 18.8 | 0.6 | (0.3) | 0.3 | (0.8) | - | 18.3 |
Commodities | 7.3 | 4.0 | (1.2) | 2.8 | 5.7 | - | 15.8 |
Private credit | 1.5 | 0.3 | (0.3) | - | 0.3 | - | 1.8 |
Total alternative investment solutions | 27.6 | 4.9 | (1.8) | 3.1 | 5.2 | - | 35.9 |
Total quantitative | 20.3 | 14.0 | (11.3) | 2.7 | 2.2 | - | 25.2 |
Total excluding liquidity | 187.9 | 39.6 | (39.5) | 0.1 | 14.5 | (0.2) | 202.3 |
Total liquidity | 22.6 | 5.4 | (7.6) | (2.2) | - | - | 20.4 |
Total | 210.5 | 45.0 | (47.1) | (2.1) | 14.5 | (0.2) | 222.7 |
1. Corporate actions in 2025 relate to the takeover of Tritax Eurobox (£(1.2)bn), the acquisition of the direct-to-consumer retail book from Jarvis Investment Management Limited (£1.1bn) and the acquisition by Tritax Big Box REIT plc of certain real estate logistics assets (£1.0bn).
Forward-looking statements
This announcement contains statements that are or may be "forward-looking statements". All statements other than statements of historical facts included in this announcement may be forward-looking statements, including statements that relate to the Aberdeen Group plc's future prospects, developments and strategies. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as "plans", "expects", 'expectations',"is expected", "believes", "targets", "aims", "anticipates", "projects", "would", "could", "should", "may", "might", "envisages", "estimates", "intends", "underway", "outlook", or the negative of those, or by the use of references to assumptions, budgets, strategies, prospects and schedules.
Although the Aberdeen Group believes that the expectations reflected in such forward-looking statements are reasonable as at the date of this announcement, it can give no assurance that such expectations will prove to be correct.
By their nature, forward-looking statements involve risk and uncertainty because they are based on information available at the time they are made, including current expectations and assumptions, and relate to future events and/or depend on circumstances which may be or are beyond the Aberdeen Group's control.
Neither Aberdeen Group plc, its affiliates nor any of its associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur. Recipients of this announcement should not place any reliance on these forward-looking statements and all forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by law or regulation, neither Aberdeen Group plc nor its affiliates assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Past performance is not an indicator of future results and the results of Aberdeen Group plc and its affiliates in this document may not be indicative of, and are not an estimate, forecast or projection of, Aberdeen Group plc's or its affiliates' future results.
Please see Aberdeen Group plc's most recent Annual Report and Accounts for further detail of the risks, uncertainties and other factors relevant to its business and securities.
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