Abrdn, the investment manager, has sold its Focus Solutions software business and is said to be considering other disposals as new chief executive Jason Windsor aims to improve performance.

Abrdn has agreed to sell the London-based division to its management team led by managing director Dave Upton. It employs 100 staff and was bought for £42 million in 2011. No details of the sale were disclosed.

Mr Windsor was appointed CEO in September after stepping up from finance chief to take over from Stephen Bird on an interim basis.

Abrdn has struggled to stem outflows from its investment funds since the merger of Aberdeen Asset Management and Standard Life in 2017. Its most recent trading update showed that clients pulled £4.5bn from its investment funds during the year to 30 September, along with net outflows of £3bn from its adviser division which provides products to IFAs.

A source told the Reuters news agency that Mr Windsor has begun running the rule over the company’s various businesses with a view to cutting non-performing parts and refocusing on core areas

A spokesman for Abrdn said the group is focusing on its three main businesses: investments, adviser, and its interactive investor (ii) division. The latter, a “do-it-yourself” investment business, saw customer numbers rise by 6% to 430,000 in the year to September, with funds under management up by 13% to £74.5bn.

“There will be parts of the group that do not feature in our future plans, and where we have an opportunity to simplify and become more efficient,” the spokesman said.

“We concluded that Focus Solutions had reached an inflection point where abrdn was no longer the right owner.”