Aberdeen, the Scotland-based asset management group, posted a 4% rise in profits last year as strong growth at its Interactive Investor retail platform offset continued outflows in parts of its asset management arm and the impact of strategic repricing in its adviser business.
In its 2025 full year results published on 3 March, the FTSE 250 UK wealth and investments group said adjusted operating profit rose to £264m from £255m in 2024, while assets under management and administration increased 9% to £556bn from £511.4bn the previous year.
However, net ouflows in 2025 tripled to £3.9bn from £1.1bn in 2024, driven by redemptions from the group’s asset management division.
Chief executive Jason Windsor said the group had made “significant progress” over the past year, becoming “a simpler, more efficient business” while positioning itself for growth.
“We have entered 2026 with momentum and remain firmly focused on delivering our 2026 group targets and sustainable growth beyond this,” Windsor told journalists on an earnings call on Tuesday morning.
Aberdeen’s direct-to-consumer platform, Interactive Investor (ii), was the standout performer with adjusted operating profit surging 34% to £155m from £116m, as customer numbers climbed 14% to 500,000.
Assets on the platform rose to £97.5bn from £77.5bn in 2024, supported by record net inflows of £7.3bn and a 32% increase in daily average trades. Subscription revenue, trading income and treasury income all increased, lifting adjusted net operating revenue 19% to £330m.
Windsor described it as “undoubtedly one of the UK’s most exciting fintechs”, highlighting strong customer engagement and new pricing plans designed to improve competitiveness.
Windsor denied that a more than tripling of net group outflows to £3.9bn last year was a cause for concern.
“Obviously we’d rather be in inflow, but I think there’s a lot going on within those numbers. Overall we are pretty comfortable that we’ve got plans in place to grow where we want to grow and that’s what we’re expecting for the business.”
Aberdeen’s adviser platform saw profits fall 32% to £86m from £126m in 2024 following a strategic repricing aimed at improving competitiveness.
Windsor acknowledged the impact of the repricing but said it was a “necessary step” to strengthen the platform’s long-term prospects. The group now expects the adviser business to return to positive net flows in 2026, with a £1bn net inflow target for 2027.
Aberdeen’s investments division delivered a 5% rise in adjusted operating profit to £64m, as lower expenses offset weaker revenues driven by asset mix changes.
Windsor said that the group’s transformation programme, launched in early 2024, has delivered £180m of annualised cost savings, exceeding its £150m target while adjusted operating expenses fell 5% to £1,012m. The full-year dividend was maintained at 14.6p per share.
Looking ahead, Aberdeen reiterated its 2026 targets of at least £300m in adjusted operating profit and around £300m in net capital generation. Beyond that, it is targeting average annual growth in net capital generation of 5–10%, absent major market disruption.
While geopolitical tensions in the Middle East – where Aberdeen has an office – have added uncertainty, Windsor said the company expects any impact on global growth to be limited.
“A year into the delivery of our strategy, the business is now leaner and stronger,” he said, adding that management remained “impatient to go further in achieving our true potential.”
Brokerage firm Jefferies issued a “hold” recommendation following the results, saying that Aberdeen had maintained its targets.
“While we expect some tweaks to consensus on costs and revenue margins, we doubt that there will be major changes beyond marks-to-market following these results,” Jefferies said in a research analyst note.
