Abrdn said clients have pulled billions from the investment company as it begins major cuts this year. It came as the fund manager and wealth specialist saw its pre-tax loss shrink to £6m for last year, reducing from a £612m loss. The firm said last month it plans to cut around 500 jobs as part of a sweeping overhaul to save the investment firm up to £150m in costs.
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NewsTranscript
00:00 Hello, my name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
00:06 Here are your business headlines for this morning.
00:09 Aberdeen said clients have pulled billions from the investment company as it begins major
00:14 cuts this year. It came as a fund manager and wealth specialist saw its pre-tax loss
00:19 shrink to £6 million for last year, reducing from a £612 million loss. The firm said last
00:26 month it plans to cut around 500 jobs as part of a sweeping overhaul to save the investment
00:31 firm up to £150 million in costs. The Edinburgh-based company, which rebranded from Standard Life
00:38 Aberdeen in 2021, said the cuts will primarily take place this year and be completed by the
00:44 end of 2025. It also reported £13.9 billion in net outflows during 2023 as many clients
00:54 withdrew funds. That's an update from Aberdeen this morning which says that clients have
00:58 pulled billions from the investment company as it begins major cuts this year. My name
01:03 is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
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