abrdn PLC on Tuesday said it expects 2024 adjusted operating profit to be in line with current market expectations, as it posted an increase in assets under management.

The Edinburgh, Scotland-based investment company said assets under management and administration were £511.4 billion on December 31, up 3.3% from £494.9 billion a year ago, and 0.9% above the £506.7 billion on September 30.

abrdn noted ‘positive markets’ and an increase in investments assets under management, which rose by £1.5 billion on-quarter to £369.7 billion in the fourth quarter, driven by inflow in Institutional & Retail Wealth.

abrdn expects to report 2024 adjusted operating profit in line with current market expectations.

The company said it aimed for continued improvement in investments, driven by its new team’s ‘disciplined client focus’ and helped by greater cost efficiency.

Further, the firm said it is on track to deliver at least £150 million of annualised savings by the end of 2025.

abrdn shares rose 7.3% to 152.00 pence each on Tuesday morning in London.

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