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ABRDN said former chief financial officer and interim boss Jason Windsor would become its permanent chief executive.
Two of Britain’s biggest fund managers have handed over the top job to their chief financial officers in a bid to revive their fortunes.
Schroders said chief financial officer Richard Oldfield will succeed Peter Harrison as chief executive in November.
And Aberdeen said former CFO and interim boss Jason Windsor would become its permanent chief executive following the abrupt departure of Stephen Bird in May.
They take control at a difficult time for the asset management sector.
British firms such as Schroders and Abrdn, which focus on active funds, have been particularly hard hit by competition from cheaper index-mimicking products sold by giants such as BlackRock and State Street Global Advisors, as well as inflationary pressures on costs. Analysts say these structural forces are largely beyond the control of any CEO.
Shares in Schroders, a 224-year-old company that based its business on transatlantic trade, fell 1% and are down 22% this year. Abrdn, down 0.1%, has lost more than 17% of its value this year.
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