Operator

Good morning, and welcome to the Aberdeen Q1 2026 Trading Update Analyst Call. This call is being recorded. I will now hand over to Jason Windsor, Chief Executive Officer. Please go ahead.

Jason Windsor
CEO & Executive Director

Thank you, operator. Good morning, everyone, and thank you for joining Siobhan and me for our Q1 call. It doesn't seem very long since we saw you all in person at the start of March. But the past 7 weeks have proven to be a long and turbulent period in world news and in the markets. Of course, there's continued uncertainty as to the outlook for markets and rates, but our business configuration and our resolute focus on our clients are designed to withstand these events.

Our group AUMA was GBP 548 billion at the end of the quarter. But in fact, that had increased to more than GBP 570 billion by the end of last week, that's GBP 25 billion higher than March, evidence on its own of the recent volatility. So through this period, in Q1, we've continued to deliver against our strategy. This has been supported in particular by a record quarter for interactive investor. Close within Adviser, while stable compared to last year were negative, but we did see an increase in gross inflows. In investments, we saw some net outflows as we highlighted to you at the time of our full year results. And within that, we saw net inflows into fixed