Abrdn poised to offload private equity arm
FTSE-100 asset manager Abrdn is poised to offload the division that manages its private equity funds as it looks to simplify its structure, according to reports.
The firm has called in bankers at Rothschild to oversee the sale of the arm, which manages £14bn in assets, Sky News first reported.
It comes as boss Stephen Bird pushes through a reshaping of the firm after joining the firm two year ago, prior to its demerger for Standard Life.
Bird has exited a number of core businesses during his tenure, including selling off 40m shares in pension giant Phoenix Group earlier this year, alongside the £1.5bn acquisition of retail platform Interactive Investor, one of the UK’s top retail investment platforms.
Analysts said this month that the firm was looking to grow its direct-to-consumer offering after weathering a difficult period that has seen the firm haemorrhage outflows.
“Assets have been walking out the door for years, with positive market movements making up for net outflows this year,” said Sophie Lund-Yates, equity analyst atHargreaves Lansdown.
“But ultimately the group needs to encourage more investors that its funds are the place to leave their money.”
Abrdn is expected to continue to show continued outflows next month when it updates the City on its half-year results.
Abrd declined to comment.