Table of Contents
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.
DIY INVESTMENT PLATFORMS
AJ Bell
AJ Bell
Easy investment and ready-to-use portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free investment ideas and fund trading
interactive investor
interactive investor
Flat rate investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading commissions
Trade 212
Trade 212
Free treatment and no commissions per account
Affiliate links: If you purchase a product This is Money may earn a commission. These offers are chosen by our editorial team as we believe they are worth highlighting. This does not affect our editorial independence.
