Sky News has reported that abrdn (formerly Standard Life Aberdeen) will sell its private equity arm.
In Brief:
The fund manager is set to sell off its unit that manages roughly £14bn in private equity assets.
Investment bankers from Rothschild have been hired to oversee the process.
Abrdn is currently one of the biggest fund managers in Britain.
What does this mean?
This is one of a few steps being taken to “simplify” the business which rebranded and added new CEO Stephen Bird two years ago. Bird plans to get rid of “non-core” business areas and focus on areas where abrdn can scale, as well as focusing on digital transformation.
