Sale speculation

Abrdn private equity post left unfilled after head’s exit

abrdn said it had ‘no desire’ to sell its private equity business (pic: Terry Murden)

Abrdn’s global head of private equity has left the company and will not be replaced, fuelling speculation that the company may sell the business.

Mark Redman, 53, departed after less than two years in the post during which time the company has spun out the division into a separate unit.

However, a spokeswoman for the company responded to a press report that the division would be put up for sale buy saying it had “no desire” to do so and that Redman had left the company to pursue other opportunities.

“Mark is an experienced and successful private markets investor and leader who leaves our private equity business positioned for the future,” she said.

The private equity leadership team will now report to Chris Demetriou who oversees Abrdn’s investment teams across the UK, Europe and the Americas.

Before joining Abrdn, Redman was global head of private equity with Ontario Municipal Employees Retirement System, one of Canada’s biggest pension funds, where he started their European private equity operations.

The separation of the private equity business at Abrdn from property and infrastructure investment was designed to give it a more effective operating model with a focus on taking equity stakes in companies.

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