UK asset management firm Abrdn has announced it is implementing a new “transformation programme” in a bid to streamline its operations and bring down costs, with 500 job cuts proposed.
The company says the programme “targets an annualised cost reduction of at least £150m” by the end of 2025, with the job cuts expected to impact group functions and support services across its middle management.
According to its latest trading statement released this week, the firm’s adviser and personal businesses produced “favourable” results by year-end 2023, but its investments business, which has around £367 billion in AUMA, failed to perform as well, with the firm citing structural headwinds, geopolitical uncertainty and high inflation as factors.
