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Abrdn sees assets drop as GBP 24.4bn of Lloyds cash goes

Abrdn’s assets dropped in the first six months of the year after Lloyds Banking Group transfered a final batch of funds out of the manager.

UK asset manager Abrdn lost GBP 24.4 billion (USD 29.5 billion) of cash from a mandate with Lloyds that it lost in the wake of its merger in 2017, according to a statement Tuesday. | Photo: Dado Ruvic/REUTERS / X02714

UK asset manager Abrdn lost GBP 24.4bn (USD 29.5bn) of cash from a mandate with Lloyds that it lost in the wake of its merger in 2017, according to a statement Tuesday.

Total net outflows were GBP 35.9bn in the period, which dragged down assets under assets and administration to GBP 508bn from GBP 542bn.

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