Investment manager and Financial Planner Abrdn made a pre-tax loss of just £6m last year, a huge turnaround from the £546m loss posted the previous year.

Investment manager and Financial Planner Abrdn has confirmed that it will cut 500 jobs as part of a £150m cost cutting programme.

Profits for Abrdn’s advice arm rose 75% year-on-year in the first half of 2022 despite significant losses in the parent business.

Net flows from advisers doubled in 2021 to £3.9bn for investment manager and platform provider Abrdn (2020: £1.9bn).