The withdrawals from its core asset management business, primarily driven by insurance clients and the termination of a single low-fee mandate, were less severe than analysts had predicted. However, they mark a reversal from the inflows recorded in the same period last year.

Mr Windsor, who took charge last year and promptly scrapped the widely criticised “abrdn” brand, stated he was making “good progress”. His strategy has focused on improving performance and cutting costs, with expenses falling by 7% compared to the previous year.

A significant bright spot was the group’s retail investment platform, Interactive Investor. It posted record trading volumes in April amid market volatility, which boosted its trading revenue by more than a third. Customer numbers also surpassed targets, rising 9% to 461,000.

Despite the fund outflows, the FTSE 250 group’s profit before tax jumped 45% to £271m, largely due to an increased valuation of its stake in the retirement group Phoenix. Total assets under management saw a modest 1% rise to £517.6 billion.

Mr Windsor said: “Our financial performance reflects our transition to achieving our growth and efficiency targets.

“interactive investor continues to go from strength to strength, delivering sustained growth in customers and profit with record net inflows. Our decision to reprice in Adviser had the expected impact on profitability. With Q2 net flows at their best level for over two years and much improved service and sales performance, the foundations are in place to return Adviser to growth.

“In Investments we have made further progress in improving efficiency, which has kept profits stable as we reposition the business towards our strengths in credit, specialist equities and real assets.

“Looking ahead, there is clear growth potential across all three of our businesses and we remain focused on delivering against our 2026 targets.”