Abrdn

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Abrdn plc
TypePublic limited company
LSEABDN
FTSE 100 Component
IndustryFinancial services
Founded2017; 4 years ago (2017)
HeadquartersEdinburgh, Scotland, UK
Key people
Sir Douglas Flint
(Chairman)
Martin Gilbert
(Vice Chairman)
Stephen Bird
(Chief Executive)
RevenueDecrease £3,609 million (2020)[1]
Increase £838 million (2020)[1]
Increase £838 million (2020)[1]
AUM£535 billion (2020)[1]
Number of employees
6,000 (2021)[2]
Websitewww.abrdn.com

Abrdn plc, formerly Standard Life Aberdeen plc, is a United Kingdom-based global investment company headquartered in Edinburgh, Scotland. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

It is the largest active asset manager in the UK, with investments in equities, multi-asset, fixed income, real estate and private markets.[3] In July 2021 the company changed its name from Standard Life Aberdeen to Abrdn plc.

History[edit]

Head office building located in Edinburgh, Scotland

In March 2017, Standard Life reached an agreement to merge with Aberdeen Asset Management, in an all-share merger, subject to shareholder approval.[4] It was announced that the merged company was to be named Standard Life Aberdeen.[5] This was achieved by Standard Life being renamed Standard Life Aberdeen on 14 August 2017.[6]

In May 2017, Standard Life acquired the loss-making AXA Portfolio Services for £31 million. This company housed AXA Elevate, the investment platform from Axa. At the time of acquisition the platform held £9.8 billion of client assets, boosting the total level of assets held on Standard Life platforms to £36.4 billion.[7]

In October 2017, it was reported that there had been withdrawals of $10 billion from Standard Life Aberdeen's mutual funds over the prior year.[8]

In February 2018, Standard Life Aberdeen announced its intention to sell the Standard Life insurance business to Phoenix for £3.2 billion, marking a transition away from its insurance roots to asset management.[9]

In October 2018 it was announced that Sir Gerry Grimstone will step down as chairman on 1 January 2019 and be succeeded by Sir Douglas Flint.[10]

In February 2021 the company announced that it was considering selling or abandoning use of the "Standard Life" name altogether.[11][12] In April 2021, the company announced that, having sold the Standard Life Insurance business to Phoenix in 2018 and having sold the Standard Life name to Phoenix in 2021,[13] it would be rebranding as Abrdn plc.[14] The new name, pronounced "Aberdeen" and developed by the branding agency Wolff Olins, was criticised as difficult to pronounce, but said by chief executive Stephen Bird to reflect a "clarity of focus".[15] The change of name and the rebranding both took place in July 2021.[16]

Operations[edit]

Abrdn is an investment company, headquartered in Edinburgh, with operations across the globe.[17]

The company has £578 billion assets under management, making it the UK's largest listed fund manager.[18][19] It employs 1,000 investment professionals.[20]

In the UK, the company also owns three subsidiary businesses: Focus Solutions, a software and consultancy business, Threesixty, a services provider and Vebnet, a software and services provider.[21]

Abrdn has a primary listing on the London Stock Exchange.[22] It is also listed in a number of the Dow Jones Sustainability Indices (DJSI), including the DJSI World, which ranks the world's leading sustainability-driven publicly listed companies.[23]

See also[edit]

References[edit]

  1. ^ a b c d "Annual Results 2020". Standard Life Aberdeen. Retrieved 9 March 2021.
  2. ^ "About us". Standard Life Aberdeen. Retrieved 27 February 2021.
  3. ^ "Who we are | Aberdeen Standard Investments". www.aberdeenstandard.com. Retrieved 30 September 2019.
  4. ^ "Aberdeen Asset Management and Standard Life confirm merger terms". BBC News. 6 March 2017. Retrieved 7 March 2017.
  5. ^ "CMA clears Standard Life-Aberdeen Asset Management merger - BBC News". Bbc.co.uk. Retrieved 8 August 2017.
  6. ^ "Standard Life (UK): Merger with Aberdeen Asset Management (UK) - Update". FTSE. 9 August 2017. Archived from the original on 11 August 2017. Retrieved 10 August 2017.
  7. ^ "Standard Life buys AXA Elevate". Wealth Manager. Retrieved 8 May 2018.
  8. ^ Mooney, Attracta (27 October 2017). "Standard Life Aberdeen hit by $10bn of withdrawals". Financial Times. United Kingdom. Retrieved 29 October 2017.
  9. ^ "Standard Life Aberdeen seals shift into asset management". Financial Times. 23 February 2018. Retrieved 15 March 2018.
  10. ^ "New era for Standard Life Aberdeen as City grandee Douglas Flint takes the chair". The Telegraph. Retrieved 13 December 2018.
  11. ^ "Standard Life Aberdeen set for name change in Phoenix deal". 12 February 2021. Retrieved 12 March 2021.
  12. ^ "Standard Life Aberdeen set for name change after deal with Phoenix Group". 11 February 2021. Retrieved 12 March 2021.
  13. ^ "Historic 200-year-old Standard Life brand name sold to Phoenix Group - Edinburgh staff to transfer". The Scotsman. 23 February 2021. Retrieved 6 July 2021.
  14. ^ "Standard Life Aberdeen set for 'modern, dynamic' rebrand to Abrdn". Investment Week. 26 April 2021. Retrieved 26 April 2021.
  15. ^ Sweney, Mark (26 April 2021). "Standard Life Aberdeen to change name to Abrdn". The Guardian. Retrieved 26 April 2021.
  16. ^ "Standard Life Aberdeen becomes abrdn as it moves to 'single global brand'". Investment Week. 5 July 2021. Retrieved 6 July 2021.
  17. ^ "Standard Life PLC (SL.L) Company Profile". Reuters.com. Archived from the original on 5 July 2013. Retrieved 4 April 2013.
  18. ^ "2019 Half Year Results" (PDF). Standard Life Aberdeen. Retrieved 15 August 2019.
  19. ^ "Reaction: Assets on the rise at Standard Life Aberdeen but shares dip". www.scotsman.com. Retrieved 15 August 2019.
  20. ^ "Standard Life and Aberdeen Asset complete £11bn merger". The Scotsman. 14 August 2017. Retrieved 14 August 2017.
  21. ^ Sullivan, Nicola (8 December 2010). "Standard Life acquires Focus Solutions to enhance corporate wrap | News". Employee Benefits. Archived from the original on 5 May 2013. Retrieved 4 April 2013.
  22. ^ "STANDARD LIFE PLC ORD 10P Share Price - Shares". London Stock Exchange. 10 July 2006. Archived from the original on 18 June 2013. Retrieved 4 April 2013.
  23. ^ "Standard Life plc Joins Top 10% of Companies in the World - EDINBURGH, Scotland, October 24, 2011 /PRNewswire/". Prnewswire.com. 24 October 2011. Retrieved 4 April 2013.

External links[edit]