Abrdn ‘preparing sale of private equity business’
Abrdn, the Edinburgh-based asset manager, is planning to sell its private equity business as part of an ongoing streamlining process under chief executive Stephen Bird.
Investment bankers at Rothschild have been appointed to oversee the sale process and find a suitable buyer for the unit, according to City sources.
The move, reported by Sky News, represents a further remodelling of the business under Mr Bird, who joined the company then known as Standard Life Aberdeen in September 2020.
The news comes four months after the departure of Mark Redman, the company’s global private equity head, who was hired in the same month that Mr Bird took over.
He has embarked on refocusing its offering and stripping out under-performing units under a controversial rebranding of the company.
He pulled off the £1.5bn takeover of Interactive Investor, which consolidated its interest in the growing DIY investment market.