ABERDEEN GROUP PLC (SLFPF) Q1 2025 Earnings Call Transcript

2025-05-02 16:45:21 ET

ABERDEEN GROUP PLC (SLFPF)

Q1 2025 Results Conference Call

April 30, 2025 3:30 AM ET

Company Participants

Jason Windsor - Chief Executive Officer

Conference Call Participants

Enrico Bolzoni - JPMorgan

Oliver Carruthers - Goldman Sachs

Hubert Lam - Bank of America

Greg Simpson - BNP Paribas

Nicholas Herman - Citi

Mandeep Jagpal - RBC Capital Markets

Steven Haywood - HSBC

Bruce Hamilton - Morgan Stanley

Presentation

Jason Windsor

Good morning, everybody, and thank you very much for joining our Q1 trading call this morning. With me today is Ian Jenkins, our Interim CFO. I'm going to focus on Q1, of course, but I'll also make a few comments about April, not least to preempt some of your questions.

First, starting with the highlights from the quarter. AUMA at the end of Q1 was GBP500 billion. On the positives, we had strong inflows for interactive investor, but this was more than offset by market effects and outflows in investments and adviser. Growth in Interactive Investor was strong once again, with total customers up 9% year-on-year, and this includes 29% annual growth in SIPPs.

Net outflows in Adviser of GBP0.6 billion represent an improvement versus prior quarters, driven by restored service, enhanced platform functionality and repricing. In investments, the Q1 outflow of GBP6.4 billion largely reflects the redemption from the low-margin mandate I mentioned at the full year results. And I'd add that following a large quant mandate funding in April, net flows within Institutional and Retail Wealth are, in fact, now positive year-to-date.

As we set out at the year-end, our strategy is to become the UK's leading wealth business and to reposition our Investments business to areas of strength and market growth. We're a long-term player with a long-term focus. And despite the heightened market uncertainty of recent weeks, we've made good progress toward our objectives this year. In fact, we haven't seen any significant client-led effects in investments or Adviser. And in ii, the only effect of note was higher trading volumes in the first half of April....

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