Aberdeen has started wielding the axe as it has announced four senior Scottish Widows Investment Partnership (Swip) staff members are set to leave the combined group.
Swip chief executive Dean Buckley and three divisional directors are set to leave the newly-combined firm as part of the first significant restructuring of the business since its takeover by Aberdeen Asset Management.
Director of real estate Lynda Shillaw, director of global equities Will Low and director of fixed income Mark Connolly are all set to leave.
Meanwhile, Aberdeen has restructured its business to create two new investment divisions, encompassing alternatives and quantitative investments.
The alternatives division, which used to be part of Aberdeen solutions, will be headed up by Andrew McCaffery and will encompass hedge funds, private equity, infrastructure and property multi-manager strategies.
The quantitative investments unit, which will manage passive equity portfolios, will be led by Sean Phayre, who had been director of Swip’s quantitative investments team.
Meanwhile, Aberdeen solutions will now be headed up by Archie Struthers, who had previously been managing director of investment solutions at Swip.
Mr Struthers takes on the role from Anne Richards, who has stepped back from heading up the division to focus on her role as overall chief investment officer.
