Aberdeen Group Q3 2025: AUMA Grows 6% to £542.4bn as Interactive Investor Surges

Aberdeen Group Q3 2025 trading update: AUMA up 6% to £542.4bn as wealth engine powers on

Aberdeen Group’s third quarter shows a Group that is edging back to growth thanks to its retail platform, interactive investor (ii), while the institutional asset management arm continues to stabilise. Assets under management and administration (AUMA) rose 6% year to date to £542.4bn (31 December 2024: £511.4bn), helped by positive markets. Group net flows were a modest £(0.5)bn for the quarter, a sharp improvement on £(3.1)bn in Q3 2024.

The tone from management is confident, with CEO Jason Windsor flagging progress against the March plan and reiterating 2026 targets. Still, there are moving parts in Q4 and beyond, notably a client-led £4.5bn redemption in quants and Phoenix’s plan to in‑source c.£20bn of shareholder assets over three years.

Key numbers retail investors should know

Metric	Q3 2025	Comment
Total Group AUMA	£542.4bn	Up 6% year to date from £511.4bn
Group net flows (Q3)	£(0.5)bn	Improved vs £(3.1)bn in Q3 2024
interactive investor AUMA	£93.0bn	Up from £77.5bn at year-end 2024
interactive investor net flows (Q3)	£1.9bn	Up 58% year-on-year
interactive investor customers	492k	Up 14% year-on-year; includes c.20k from Jarvis
Adviser net flows (Q3)	£(0.5)bn	50% better than £(1.0)bn in Q3 2024
Investments AUM	£382.3bn	Up 3% year to date; net outflows £(1.8)bn in Q3
Insurance Partners net flows (Q3)	£(1.1)bn	Unchanged year-on-year
Expected Q4 redemption	c.£4.5bn	Very low margin quants mandate
Transformation savings	≥£150m	Targeted annualised savings by year-end
FY2026 targets	Adj. operating profit >£300m; net capital c.£300m	Reiterated

interactive investor: the growth engine is firing

ii continues to pull its weight and then some. Customers hit 492k, up 14% year-on-year, with c.20k expected from the Jarvis retail book acquisition (10% organic growth excluding Jarvis). Trading activity is lively too: daily average retail trades were 26.6k, up 43% versus Q3 2024.

Net inflows of £1.9bn for the quarter were 58% higher year-on-year, helped by record transfers in and strong SIPP momentum – 98k SIPP customers, up 29%. AUMA climbed to £93.0bn, reflecting inflows, positive markets and the Jarvis deal. Brand awareness has stepped up to 32% (Q4 2024: 25%), with a new campaign expected to push this higher. The sale of the financial planning business, announced in August, is slated to close in Q1 2026.

My take: ii is doing exactly what Aberdeen needs – recurring inflows, higher engagement and a growing customer base. In a mixed market for asset managers, a capital-light, fee-generative platform is a strategic asset.

Adviser platform: better service, smaller outflows

The Adviser business posted net outflows of £(0.5)bn, a 50% improvement on last year. AUMA increased to £79.0bn, as market gains outweighed outflows. Crucially, service metrics are moving in the right direction: net promoter score is 45 year-to-date (FY2024: 34).

Repricing and operational improvements appear to be gaining traction. Management remains focused on returning this arm to growth by FY2026. The direction of travel is positive, but investors will want to see sustained net inflows to fully believe the turnaround.

Investments division: stabilising, but still in net outflow

Investments AUM rose to £382.3bn, up 3% year to date on the back of positive markets. Net outflows were £(1.8)bn in Q3, much better than £(3.5)bn a year ago. The mix matters: Insurance Partners saw £(1.1)bn of outflows (unchanged year-on-year), driven by Phoenix heritage business in run-off, while Institutional & Retail Wealth ex liquidity showed a £2.9bn year-on-year improvement in net flows.

By asset class, fixed income and alternatives saw higher gross inflows, and quants were positive in the quarter. Equities remain the drag – redemptions improved but were still £(1.6)bn net outflow (Q3 2024: £(2.4)bn). Aberdeen also launched two active ETFs in late September and now has a global ETF suite of around £12bn AUM.

What to watch: a client-driven redemption of about £4.5bn from a very low margin quants mandate is expected in Q4. That will clip headline AUM, though the impact on revenue should be limited given the margin profile. Separately, Phoenix plans to in‑source c.£20bn of shareholder assets over a three-year notice period. Aberdeen remains Phoenix’s strategic partner and sees scope to win a greater share of policyholder assets as Phoenix consolidates its managers.

Group outlook and 2026 targets: credibility building, proof still required

The transformation programme is on track to deliver at least £150m of annualised savings by year-end. Management reiterated FY2026 ambitions of adjusted operating profit above £300m and net capital generation of c.£300m. With ii growing, Adviser improving and Investments stabilising, the path to those targets looks more believable than six months ago – but equity market sentiment and the execution of inflow recovery in Investments remain swing factors.

Why this update matters for investors

• Mix shift towards resilient retail: ii’s strong inflows and activity reduce reliance on more cyclical institutional flows.
• Operational progress is tangible: better service in Adviser and product innovation in Investments (active ETFs) support medium-term growth.
• Known AUM headwinds are manageable: the c.£4.5bn quants redemption is low margin, and Phoenix’s in‑sourcing is phased over three years with potential offsets in policyholder assets.
• Cost discipline underpinning earnings: the £150m savings target, if delivered, gives earnings leverage if flows and markets cooperate.

Balanced view: positives and watch‑outs

What looks positive

• Group AUMA up 6% year to date to £542.4bn, helped by improved net flow trends.
• ii’s flywheel: customers 492k, daily trades up 43%, Q3 inflows £1.9bn up 58% year-on-year.
• Adviser sentiment improving – net promoter score 45 YTD – with outflows halved.
• Investments showing better momentum in fixed income, alternatives and quants, and rolling out ETFs.

What needs monitoring

• Equities redemptions still elevated at £(1.6)bn for the quarter.
• Insurance Partners outflows continue at £(1.1)bn, reflecting run-off dynamics.
• Forthcoming c.£4.5bn quants redemption will dent Q4 AUM headlines.
• Phoenix’s plan to in‑source c.£20bn shareholder AUM over three years adds medium-term AUM uncertainty.

Jargon buster

• AUMA: assets under management and administration – the total pool of client money Aberdeen manages or administers.
• Net flows: client money in minus client money out during the period. Positive net flows grow AUM independent of markets.
• SIPP: self-invested personal pension – a do‑it‑yourself pension wrapper popular with retail investors.
• ETF: exchange-traded fund – a fund that trades on an exchange; Aberdeen launched two active ETFs in September.

Final thought

This was a cleaner quarter from Aberdeen Group. The wealth businesses are doing the heavy lifting, Investments is less leaky than last year, and cost savings are on track. There are still headwinds on the horizon, but the improvement in underlying momentum – especially at interactive investor – makes the 2026 targets feel more achievable than before.