Asset Management ChallengesThe group has faced significant challenges within its asset management business, which has had to navigate high-margin outflows and eroding profitability.
Disappointing ReturnsAberdeen's shares have delivered relatively disappointing returns over the past three years, falling c.12% vs the SXFP's 36% gain.
Valuation ConcernsWith the shares having re-rated on growing optimism on the business, a near-term moderation in transactional growth signalled by peers, and ongoing challenges in the investments and advisor divisions, valuation is viewed as full.