Jason Windsor, interim chief executive officer, said that in the first half of the year the firm has made an “encouraging start” as it became “more efficient” and enhanced its propositions to lay the foundations for growth.

abrdn’s IFRS profit before tax reached £187m, rising from £169m in H1 2023, while IFRS profit for the period rose to £171m compared to £145m in H1 2023. Net operating revenues dropped however by 7%, from £721m to £667m, and the cost/income ratio slid downward by 1% from 82%. abrdn also announced an interim dividend per share of 7.3p - the same as in H1 2023.

Jason Windsor said: “We have three core businesses, with strong, scale positions in attractive markets and each has headroom to grow. While market conditions remain challenging, we are firmly on track to realise at least £150m of annualised cost savings by the end of 2025.

“These are solid foundations, positioning us for a step-change in performance and allowing us to invest further in growth. I am excited about the potential in abrdn, and confident that by delivering against our priorities, we can deliver better outcomes for our clients, more attractive performance for our shareholders and nurture a culture that sustains long-term success.”