Standard Life Aberdeen board rejig is just a start, says Unmack1:
UK asset manager Standard Life Aberdeen on March 13 named Keith Skeoch as its sole chief executive officer, ending the dual-CEO structure that had been in place since the group was formed from the merger of Standard Life and Aberdeen Asset Management in 2017.
Martin Gilbert, who had been co-CEO with Skeoch, will become vice chairman and executive director, as well as chairman of Aberdeen Standard Investments, the core division of the group. He will focus solely on client relationships and winning new business, the company said. The changes came after the group reported further fund withdrawals by clients last year, particularly from the group’s global absolute return strategies fund and emerging market equities. Assets under management were 552 billion pounds at the end of December, compared with 608 billion pounds at the start of the year. Clients withdrew 79.8 billion pounds from the group’s mutual and other funds, and invested 40.4 billion pounds, equivalent to net outflows of 39.4 billion pounds.
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