Abrdn has confirmed that the head of its Global Absolute Return Strategies (Gars) fund has left the Edinburgh-based business.

Aymeric Forest has been replaced by Russell Barlow, who was the global head of alternative investment strategies.

Mr Forest joined Abrdn from Schroders in 2018, but is stepping down as head of Abrdn’s multi-asset business, which gave him overall responsibility for the Gars fund.

Gars was once the largest UK fund but by the end of last year its assets had shrunk from a 2016 peak of £27 billion to £1.2 billion after a period of poor performance.

The fund is an absolute return fund, which means that it aims to deliver a positive return to investors, regardless of the economic environment.

Gars has a remit is to deliver a return of cash plus 5% for investors, but the fund has consistently fallen short of this target, according to The Sunday Times.

Abrdn said: “We can confirm that Aymeric Forest has decided to leave Abrdn to pursue other opportunities in the next phase of his career.

“We thank him for his contribution and wish him well for the future.”

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