Share this @internewscast.com

Unlock the Editor’s Digest for free

Abrdn plans to axe 500 jobs as the UK asset manager seeks to lift profits and revive a languishing share price.

The job losses are the centrepiece of a £150mn cost-saving programme Abdrn set out on Wednesday, as the company revealed that outflows from its funds had accelerated in the second half of last year.

Since his appointment as chief executive in 2020, Stephen Bird has sought to overhaul its funds in a bid to staunch outflows. More than 100 of its investment funds have been closed, restructured or merged since the former Citigroup executive took the top job.

In a statement on Wednesday, Abrdn said that “after a root and branch review, we are now re-engineering and simplifying our business model to remove at least £150mn of costs — mostly from group functions and support services”.

Investors pulled £9.5bn from Abrdn’s funds in the six months to the end of December, more than double the £4.4bn yanked in the first half. The group pinned some of the blame on geopolitical uncertainty.

Bird said: “The new transformation programme . . . when completed, will deliver a step change in our cost to income ratio.”

Abrdn, which was formed through the merger of Standard Life and Aberdeen Asset Management in 2017, employs about 5,000 people.

Share this @internewscast.com
You May Also Like

13 Behaviors Often Perceived as Condescending

We all recognize the feeling of being around someone whose condescending tone…

Lena Dunham’s ‘Too Much’ Fails to Break into Netflix’s Top 10 During Launch Week

Topline While some reviews hail it the “best show on Netflix,” an…

How AI Coding Tools Are Revolutionizing Work: Insights from the Perplexity CEO

The AI search engine startup Perplexity has made the use of AI…

AJ Bell Founder Urges Rachel Reeves to Simplify the ISA System While Preserving Investment and Savings Choices

Andy Bell is the founder and former chief executive of AJ Bell. …

Dallas Highlights the Challenges in Constructing New Housing

A new home being built just outside Dallas, Texas. Builders in the…

Discover the BlackRock Frontiers Fund Managers Exploring Uncharted Investment Territories

It’s tempting to think of fund managers as desk-bound boffins with masses…

Reeves to Warn City That UK Regulations Stifle Business

Unlock the Editor’s Digest for free On Tuesday, Chancellor Rachel Reeves will…

Ultimate Guide to Streaming the 2025 Open Championship Golf Tournament

Rory McIlroy of Northern Ireland is among the favorites at The 153rd…