Abrdn’s non-public credit score property below administration (AUM) grew by 8.6 per cent year-on-year to £8.8bn within the first half of 2024, as the worldwide asset supervisor reported a robust funding efficiency throughout alternate options.
Income from its non-public credit score portfolio additionally grew over the interval, rising by 14 per cent year-on-year to £8m.
“We proceed to ship robust funding efficiency throughout our alternate options, fastened earnings, liquidity and quantitative methods with the vast majority of AUM outperforming the related comparator benchmarks,” the FTSE 250 agency stated.
Learn extra: Abrdn: Fund finance “attention-grabbing different” to authorities bonds
The expansion in non-public credit score comes alongside a gradual efficiency throughout the remainder of the enterprise, which was broadly in step with market expectations.
Abrdn reported a one per cent rise in adjusted working revenue of £128m, in comparison with £127m on the finish of the primary half of to 2023.
Internet working income was seven per cent decrease at £667m, in comparison with £721m within the first half of 2023, however adjusted working bills decreased by 9 per cent to £539m, from £594m on the similar level final yr.
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“Within the first half of the yr we’ve got made an encouraging begin as we grow to be extra environment friendly, and we improve our propositions to put the foundations for development,” stated interim chief govt officer Jason Windsor.
“Now we have three core companies, with robust, scale positions in engaging markets and every has headroom to develop. Whereas market circumstances stay difficult, we’re firmly on observe to understand at the least £150m of annualised price financial savings by the tip of 2025.
“These are stable foundations, positioning us for a step-change in efficiency and permitting us to take a position additional in development.”
Learn extra: Non-public wealth markets might attain $13tn by 2032