Aberdeen Group Plc (ABDN) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you, and good morning, everyone. And thank you all for joining Siobhan and me for our Q4 call. Q4 last year already seemed some time ago, and we've had a very busy start to the new year. But let me just take a couple of minutes to reflect back on the last quarter, which was a good quarter for us, particularly in terms of strategic delivery. 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 and investments group. Group AUMA now stands at £556 billion, which is the highest level since Covid, and it's up 9% year-on-year, supported, as you know, by positive markets. Interactive Investor continues to perform very strongly, ending the year with half a million customers and another record-breaking quarter for trading on the platform. This growth, along with a number of exciting new proposition launches, mean that the business is well set up to sustain this impressive performance. Turning to Advisor. On the positive side, 2025 as a whole saw a material improvement in net sales by over 40%, but we are still in outflow. Q4 saw the important launch of our new SIP, which is seamlessly integrated on the platform. We also saw higher outflows than expected, mainly from tax-free cash. We still have further to go to return to growth as we continue to invest heavily in our platform experience for IFAs and clients. In investments, AUM increased to over £390 billion, again aided by positive markets. Flows benefited from encouraging trends in a number of asset classes, as well as the Stagecoach pension scheme that we announced in early December. During 2025 as a whole, gross flows were the best for many years. So we are getting a lot right. However, our focus on ...