Abrdn, the Edinburgh-headquartered fund management group, posted net outflows of £12.4bn from its business during the second half of 2023, another brutal period for the firm, which also announced 500 job cuts in a drive to save costs.

“Market conditions have remained challenging for our mix of business, and this is reflected in our year-end [assets], flow numbers, and margins,” said Stephen Bird, Abrdn's chief executive.