Abrdn announces pre-tax loss of £320m for first half of 2022

Investment group goes into red amid market turbulence' and withdrawal of 24bn linked to cancelled Lloyds deal

The investment group Abrdn plunged into the red in the first half of the year, after being hit by market turmoil and the withdrawal of more than 24bn of assets linked to a cancelled deal with Lloyds Banking Group.

Stephen Bird, the chief executive who scrapped the Standard Life Aberdeen brand for a new name last year, said the pre-tax loss of 320m in the six months to June largely reflected the challenging global economic environment and market turbulence". The group had reported profits of 113m a year earlier.