Aberdeen Group Assets Surge to £556bn as Interactive Investor Hits 500k Customers

Aberdeen Group AUMA hits £556.0bn – what moved the dial in Q4 2025

Aberdeen Group’s year-end update shows momentum building across the franchise. Assets under management and administration (AUMA) climbed 9% year-on-year to £556.0bn, largely thanks to buoyant markets and a standout performance from interactive investor (ii). Group adjusted operating profit for FY 2025 is expected to be in line with market expectations.

Flows were mixed. Total net flows in Q4 were £(2.5)bn, reflecting a pre-flagged £4.5bn withdrawal from low-margin quantitative strategies and Budget-driven redemptions in the Adviser channel. Investments AUM still rose 6% year-on-year to £390.4bn, and ii ended the year with 500k customers and record trading activity.

Quick take: the good, the bad, the interesting

• Positive: ii delivered big – AUMA up 26% to £97.5bn, customers up 14% to 500k, Q4 net inflows of £1.4bn and record daily trades of 29.2k.
• Improving: Adviser outflows narrowed sharply – full-year net outflows of £(2.2)bn, 44% better year-on-year, with service and repricing starting to bite.
• Mixed: Investments saw Q4 net outflows of £(3.0)bn, but that includes the previously flagged £4.5bn quants exit. Fixed income and commodities showed real momentum.
• Strategic: Stagecoach Group Pension Scheme added £1.2bn in multi-asset inflows, and a deal to acquire management of £1.5bn US closed-end fund assets from MFS should bolster fee resilience – subject to approval.
• Guidance: FY 2025 profit in line with expectations; FY 2026 targets set at adjusted operating profit of at least £300m and net capital generation of about £300m.

Key numbers at a glance
Total AUMA (31 Dec 2025)
Q4 2025 total net flows
FY 2025 total net flows
interactive investor AUMA
interactive investor customers
Adviser AUMA
Investments AUM
Investments revenue margin (FY 2025, expected)

interactive investor: 500k customers and record activity

ii continues to be the growth engine. Customers hit 500k, up 14% year-on-year (9% excluding the Jarvis book). SIPP customers grew 30% to 105k. Daily average retail trades (DARTs) reached a record 29.2k in Q4, up 40% year-on-year. Net inflows were resilient at £1.4bn in Q4, with FY flows of £7.3bn – equal to 9% of opening AUMA.

AUMA rose 26% to £97.5bn, supported by strong flows and positive markets. The product pipeline looks healthy: a managed SIPP has launched, iiAdvice (digital advice) is in pilot, and ii360 (advanced trading platform) is in testing. Pricing changes to simplify and sharpen competitiveness arrive in February 2026.

interactive investor – Q4 and FY highlights
Q4 net inflows
FY 2025 net flows
Daily average trades (Q4)
Total customers
SIPP customers
AUMA

Adviser platform: outflows narrowing, SIPP launched

Adviser posted Q4 net outflows of £(0.8)bn, similar to last year’s £(0.9)bn, with management pointing to higher redemptions ahead of the UK Budget. The full-year picture is better: net outflows improved to £(2.2)bn, 44% better year-on-year, helped by service improvements and repricing.

AUMA stood at £80.4bn at year end, aided by market gains. The launch of the Aberdeen SIPP in December enhances the proposition. Net promoter score rose to +45 for FY 2025 (FY 2024: +34). The aim is to return to growth in 2026 – the direction of travel looks right, but we still need to see a turn to positive flows.

Investments: markets lifted AUM, flows mixed under the surface

Investments AUM rose to £390.4bn (from £369.7bn), driven by positive markets. Q4 net outflows of £(3.0)bn include the previously announced £4.5bn exit from low-margin quants, partly offset by strong alternatives and multi-asset inflows.

• Institutional & Retail Wealth: Q4 net flows £(1.8)bn; excluding liquidity, £(1.9)bn. Equities outflows of £(0.9)bn improved 40% year-on-year, with wins in global equities. Equity redemptions remain elevated, but better than last year.
• Multi-asset: net inflows in Q4 include £1.2bn from the Stagecoach Group Pension Scheme – a useful proof point for pension solutions.
• Alternatives: Q4 net inflows of £1.3bn, up roughly 85%, mainly from continued demand for commodity ETFs. Commodity AUM jumped 35% in the quarter to £15.8bn.
• Insurance Partners: Q4 net outflows of £(1.2)bn (vs £(1.8)bn), largely reflecting Phoenix’s heritage business in run-off.

Given the asset mix shift, the Investments revenue margin for FY 2025 is now expected to be around 19.2bps. That hints at ongoing fee pressure in some areas, partly offset by growth in higher-velocity products like commodity ETFs.

Closed-end fund mandate and Stagecoach pension – why they matter

The agreement to acquire management of £1.5bn US closed-end fund assets from MFS (subject to approvals) should bolster Aberdeen’s position as the fifth largest closed-end fund manager globally. Closed-end funds can bring stable, long-duration fee streams, helpful for earnings visibility.

The £1.2bn Stagecoach Group Pension Scheme inflow showcases Aberdeen’s solutions capability in multi-asset. Wins like this can create a pipeline effect if performance and service land well.

Group flows and AUMA bridge: markets did the heavy lifting

Across the Group, FY 2025 net flows were £(3.9)bn, with market and other movements adding £47.6bn and corporate actions contributing £0.9bn. That mix explains how AUMA advanced to £556.0bn despite outflows.

Q4 total net flows were £(2.5)bn, versus a £1.2bn inflow in Q4 2024, but sequential AUMA still rose to £556.0bn from £542.4bn on market gains. In short: performance tailwinds and ii growth outweighed specific outflow headwinds.

Segment	Q4 net flows	AUM/AUMA (31 Dec 2025)
interactive investor	£1.4bn	£97.5bn
Adviser	£(0.8)bn	£80.4bn
Institutional & Retail Wealth	£(1.8)bn	£222.7bn
Insurance Partners	£(1.2)bn	£167.7bn
Total Group	£(2.5)bn	£556.0bn

Outlook: guidance intact and 2026 targets set

Management expects FY 2025 Group adjusted operating profit to be in line with current market expectations. For FY 2026, the targets are adjusted operating profit of at least £300m and net capital generation of about £300m. From year end 2025, the Group’s capital requirement will be based on its internal capital assessment, which will be lower – more detail will come with the full-year results.

What to watch next: the impact of ii’s February 2026 pricing changes, uptake of iiAdvice and ii360, Adviser flows post the Aberdeen SIPP launch, durability of fixed income and alternatives demand, and the run-off in Insurance Partners. Also keep an eye on equity flow momentum – redemptions are improving, but still elevated.

My view: a better-shaped business with a few pressure points

This is a constructive update. ii is firing on all cylinders, Adviser is stabilising, and Investments has several bright spots in fixed income, multi-asset and commodities. The big drag was the pre-announced quants withdrawal – once cycled, underlying flow trends should be clearer.

Risks remain: equity outflows, Insurance Partners run-off, and a revenue margin around 19.2bps speak to a competitive fee environment. But with profit guidance intact, visible 2026 targets, and strategic deals in the works, Aberdeen looks in better shape than a year ago – and set up for a cleaner read on organic growth in 2026.

Further information

Management hosts an analyst call at 8:30am (GMT). Webcast: https://brrmedia.news/ABDN_Q425