Aberdeen Group plc
{{short description|UK based investment company}}
{{for|the marketing intelligence company formerly known as Aberdeen Group|Aberdeen Strategy and Research}}
{{Use dmy dates|date=July 2020}}
{{Infobox company
| name = Aberdeen Group plc
| logo = Aberdeen Group logo.jpg
| image = Standard Life development, St Andrew Square (geograph 5281929).jpg
| image_size =
| image_caption = Office in St Andrew Square in Edinburgh
| trade_name = aberdeen
| former_name = {{Ubl
| SLGC Limited (2005{{endash}}2006)
| Standard Life plc (2006{{endash}}2017)
| Standard Life Aberdeen plc (2017{{endash}}2021){{Cite web |date=2005-06-30 |title=Abrdn plc overview - Find and update company information - GOV.UK |url=https://find-and-update.company-information.service.gov.uk/company/SC286832 |access-date=2024-02-13 |website=Companies House |language=en}}
| abrdn plc (2021{{endash}}2025)
}}
| type = Public
| traded_as = {{lse|ABDN}}
FTSE 250 Component
| key_people = {{Ubl
| Sir Douglas Flint (chairman)
| Jason Windsor (CEO)
}}
| industry = Financial services
| products =
| revenue = {{decrease}} £1,370 million (2024){{cite web|url=https://www.abrdn.com/docs?editionid=9eb45586-7568-427c-9aa1-161b26ebc524|title=Annual Results 2024|website=Abrdn |access-date=4 March 2025}}
| operating_income = {{increase}} £276 million (2024)
| net_income = {{increase}} £248 million (2024)
| aum = {{increase}} £511.4 billion (2024)
| parent =
| subsid = {{hlist|Interactive Investor
|many investment companies including Patria Private Equity Trust
}}
| homepage = {{Official URL}}
| foundation = {{start date and age|1825}}
| location = Edinburgh, Scotland, UK
| reference =
}}
Aberdeen Group plc, trading as aberdeen, is a United Kingdom-based investment company headquartered in Edinburgh, Scotland. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The registered office of the company is at George Street, Edinburgh.{{cite web|url=https://find-and-update.company-information.service.gov.uk/company/SC286832|title=abrdn plc – Registered Office|publisher=Companies House|access-date=18 November 2021}}
The company changed its trading identity from abrdn to aberdeen on 4 March 2025, and its name from abrdn plc to Aberdeen Group plc on 13 March 2025.{{cite web|url=https://www.morningstar.co.uk/uk/news/AN_1741862917218189700/in-brief-abrdn-becomes-aberdeen-group-rather-than-aberdeen-group.aspx|title=abrdn becomes 'Aberdeen Group' rather than 'aberdeen group'|newspaper=Morning Star|date=20 April 2024|access-date=20 April 2025}}
History
File:Edinburgh - George Street (geograph 6654164) (cropped).jpg
In March 2017, Standard Life reached an agreement to merge with Aberdeen Asset Management, in an all-share merger, subject to shareholder approval.{{cite news|title=Aberdeen Asset Management and Standard Life confirm merger terms|url=https://www.bbc.co.uk/news/business-39177320|access-date=7 March 2017|publisher=BBC News|date=6 March 2017}} The merged company was named Standard Life Aberdeen.{{cite news|url=https://www.bbc.co.uk/news/uk-scotland-scotland-business-40366413 |title=CMA clears Standard Life-Aberdeen Asset Management merger - BBC News |work=BBC News |date=22 June 2017 |access-date=2017-08-08}}
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.{{Cite news|url=http://citywire.co.uk/wealth-manager/news/standard-life-buys-axa-elevate/a905467|title=Standard Life buys AXA Elevate|work=Wealth Manager|access-date=2018-05-08|language=en|date=4 May 2016|first=Charles|last= Walmsley}}
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.{{cite news |last=Mooney |first=Attracta |date=27 October 2017 |title=Standard Life Aberdeen hit by $10bn of withdrawals |url=https://www.ft.com/content/8f73b420-ba66-11e7-9bfb-4a9c83ffa852 | work=Financial Times |location=United Kingdom |access-date=29 October 2017}}
In February 2018, Standard Life Aberdeen initiated the sale of the Standard Life insurance business to Phoenix for £3.2 billion, marking a transition away from its insurance roots to asset management.{{cite web|url=https://www.ft.com/content/764ad152-18b4-11e8-9376-4a6390addb44|work=Financial Times|title=Standard Life Aberdeen seals shift into asset management|date=23 February 2018|access-date=15 March 2018}}
Sir Gerry Grimstone stepped down as chairman on 1 January 2019 and was succeeded by Sir Douglas Flint.{{cite news|url=https://www.telegraph.co.uk/business/2018/10/30/new-era-standard-life-aberdeen-city-grandee-douglas-flint-takes/|website=The Telegraph|title=New era for Standard Life Aberdeen as City grandee Douglas Flint takes the chair|date=30 October 2018|access-date=13 December 2018|last1=Burton|first1=Lucy}}
Keith Skeoch stood down as chief executive and was succeeded by Stephen Bird in September 2020.{{cite news|url= https://www.insider.co.uk/news/stephen-bird-standard-life-chief-22275389 |title=Stephen Bird: Who is the new chief executive of Standard Life Aberdeen?|date=30 June 2020|publisher=Insider|access-date=9 August 2021|first=Hamish|last= Burns}}
In September 2020 it initiated the acquisition of a 60% interest in Tritax, one of Europe's leading logistics real estate fund managers.{{cite news|url=https://www.thetimes.com/business-money/markets/article/standard-life-buys-stake-in-5bn-fund-manager-tritax-df63kthbl|title=Standard Life buys stake in £5bn fund manager Tritax|date=10 December 2020|newspaper=The Times|access-date=9 August 2021|first=Patrick|last=Hosking}}
In April 2021, having sold the Standard Life Insurance business to Phoenix in 2018 and having sold the Standard Life name to Phoenix in 2021,{{cite news|url=https://www.scotsman.com/business/historic-200-year-old-standard-life-brand-name-sold-to-phoenix-group-edinburgh-staff-to-transfer-3143539|title=Historic 200-year-old Standard Life brand name sold to Phoenix Group - Edinburgh staff to transfer|date=23 February 2021|newspaper=The Scotsman|access-date=6 July 2021|first=Scott|last=Reid}} the company rebranded as abrdn.{{cite web|url=https://www.investmentweek.co.uk/news/4030358/standard-life-aberdeen-set-modern-dynamic-rebrand-abrdn |title=Standard Life Aberdeen set for 'modern, dynamic' rebrand to abrdn|publisher=Investment Week|date=26 April 2021|access-date=26 April 2021|first=Mike|last= Sheen}} The new brand, pronounced "Aberdeen" and developed by the branding agency Wolff Olins, was criticised as difficult to pronounce.{{Cite web|url=https://www.theguardian.com/uk-news/2021/apr/26/standard-life-aberdeen-to-change-name-to-abrdn|title=Standard Life Aberdeen to change name to abrdn|date=2021-04-26|access-date=2021-04-26|website=The Guardian|last=Sweney|first=Mark}} The change of name and the rebranding took place in July 2021.{{cite news|url=https://www.investmentweek.co.uk/news/4033896/standard-life-aberdeen-abrdn-moves-single-global-brand|title= Standard Life Aberdeen becomes abrdn as it moves to 'single global brand'|date=5 July 2021|newspaper=Investment Week|access-date=6 July 2021|first=Ellie|last= Duncan}} The name was received with widespread criticism and was the subject of online jokes. An online poll of investors described the rebrand as an "act of corporate insanity".{{cite web|url=https://www.designweek.co.uk/issues/26-april-2-may/abrdn-rebrand/|title=Standard Life Aberdeen to become Abrdn in "digitally-enabled" rebrand|website=DesignWeek|date=27 April 2021|access-date=22 April 2024|first=Henry|last= Wong }}{{cite web|url=https://www.creativebloq.com/news/abrdn-rebrand|title=Is the ridiculed 'Abrdn' rebrand the biggest branding misfire of 2021?|website=CreativeBloq.com|date=5 May 2021|access-date=22 April 2025 |first= Georgia|last= Coggan}}{{cite web|url=https://dailybusinessgroup.co.uk/2021/09/abrdn-rebrand-dubbed-act-of-corporate-insanity/|title=Abrdn rebrand dubbed 'act of corporate insanity'|website=DailyBusiness|date=16 September 2021 |access-date=22 April 2025|first=Terry|last=Murden}}
In July 2021, the company sold Parmenion, an investment and technology solutions business that supports financial advice firms, to Preservation Capital Partners.{{cite web|url=https://citywire.co.uk/new-model-adviser/news/sla-completes-102m-parmenion-sale/a1525536|title=SLA completes £102m Parmenion sale| publisher=Citywire|date=1 July 2021|access-date=9 August 2021|first=Jack|last=Gilbert}}
In May 2022, Abrdn acquired Interactive Investor, a British subscription-based retail investment services company with over 400,000 customers for £1.49 billion.{{Cite web |last=Marchant |first=Christopher |date=2022-05-30 |title=abrdn completes takeover of interactive investor |url=https://www.investmentweek.co.uk/news/4050490/abrdn-completes-takeover-interactive-investor |access-date=2022-06-05 |website=Investment Week |language=en}}
In June 2023, the company restructured its financial planning arm, splitting into two models – the 'financial consultant' model and the 'regional advice' model.{{Cite web |last=Vallely |first=Lois |date=2023-06-12 |title=Exclusive: Abrdn restructures financial planning arm |url=https://www.moneymarketing.co.uk/news/exclusive-abrdn-restructures-financial-planning-arm/ |access-date=2023-08-04 |website=Money Marketing |language=en-GB}}
In January 2024, it was widely reported that Abrdn were to cut around 10% of its workforce of 5,000 people as part of a £150M restructuring plan.{{Cite web |title=Abrdn to cut hundreds of jobs as part of £150mn restructuring plan |url=https://www.ft.com/content/c5df08fd-4a17-42a2-bf25-8c7fe17c1277 |access-date=2024-01-23 |website=www.ft.com|date=23 January 2024 |last1=Agnew |first1=Harriet |last2=Hickey |first2=Sally }} On 24 January 2024, the plans to cut around 500 jobs were confirmed.{{Cite web |last=Graham |first=August |date=2024-01-24 |title=Abrdn confirms plans to cut around 500 jobs |url=https://www.standard.co.uk/business/business-news/abrdn-confirms-plans-to-cut-around-500-jobs-b1134426.html |access-date=2024-01-24 |website=Evening Standard |language=en}}
In April 2024, Abrdn completed the sale of its European-headquartered private equity business (with £7.4bn assets under management) to Nasdaq-listed Patria Investments for up to £100m. The sale followed the sale of its US-headquartered private equity business to High Vista Strategies in 2023.{{Cite web |url=https://www.scottishfinancialnews.com/articles/abrdn-sells-european-private-equity-business-to-patria-investments-for-ps100m|title=abrdn offloads European private equity business to Patria Investments for £100m|date=30 April 2024|newspaper=Scottish Financial News|access-date=24 May 2024}}
In May 2024, Stephen Bird stood down as CEO and Jason Windsor, the then CFO, was appointed as interim group CEO,{{Cite web |last=Williford |first=Hannah |date=2024-05-24 |title=CEO Stephen Bird to leave Abrdn |url=https://portfolio-adviser.com/ceo-stephen-bird-to-leave-abrdn/ |access-date=2024-05-24 |website=Portfolio Adviser |language=en-US}} and formally appointed to the role in September of that year.{{cite news|title=Abrdn names interim chief Jason Windsor as group CEO |date=9 September 2024 |url=https://www.reuters.com/business/finance/abrdn-names-interim-chief-jason-windsor-group-ceo-2024-09-10/ |website=Reuters |access-date=10 September 2024}}
On 4 March 2025, the company changed its trading identity to "aberdeen", after its 2021 rebrand to "abrdn" faced widespread criticism. The company also initiated a search for a new chair as Douglas Flint prepared to step down.{{cite news|last1=Withers |first1=Iain |last2=Cruise |first2=Sinead |title=UK's abrdn renames itself 'aberdeen' in strategy revamp |date=4 March 2025 |url=https://www.reuters.com/business/finance/abrdn-changes-name-kicks-off-chairman-search-strategy-revamp-2025-03-04/ |website=Reuters |access-date=4 March 2025}} On 13 March 2025, the company changed its name to "Aberdeen Group plc".
See also
{{Portal|Companies}}
References
{{Reflist}}
External links
- {{Official website}}
{{FTSE 250 Index constituents}}
{{Major asset management companies}}
{{Authority control|state=expanded}}
Category:Financial services companies established in 2017
Category:2017 establishments in Scotland
Category:British companies established in 2017
Category:Companies based in Edinburgh
Category:Companies listed on the London Stock Exchange
Category:Insurance companies of Scotland
Category:Life insurance companies of the United Kingdom