Abrdn is cutting a number of roles in its multi-asset team, weeks after the head of its Global Absolute Return Strategy left the company.
As first reported by FTAdviser's sister publication the Financial Times, at least 27 roles in the team are to be offered voluntary redundancy as part of a strategic review into the investment manager’s multi-asset range.
A number of asset managers have restructured or reviewed their product ranges in recent months as volatile markets have put pressure on margins.
Jupiter underwent a reorganisation of its funds at the turn of the year under new chief executive Matthew Beesley, which led to a third being closed, merged or refigured.
Abrdn initiated a review into its multi-asset range after the head of the team running the Gars fund and chief investment officer for multi-asset investment solutions, Aymeric Forest, left in February.
The Gars fund has underperformed its own target over the past five years, and has shrunk from around £20bn in 2018 to £980mn at the end of March, according to FE Fundinfo.
A spokesperson for Abrdn said earlier this year Russell Barlow, global head of alternatives, assumed responsibility for working with the multi-asset team to redesign the investment process focusing on simplification.
They said: “The starting point for the redesign was an open acknowledgement of the need for change, any restructuring decisions have and will be as a direct result of collaboration and engagement.
“The end state will ensure we have a strong, client-led proposition and the building blocks to ensure we are future fit.”
sally.hickey@ft.com
