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Abrdn said on 28 February that it is selling its discretionary fund management business, Abrdn Capital, for £140m.
FTSE 100-listed investment company said that the sale — which is expected to complete in the second half of the year — involves the transfer of £6.1bn in assets under management and 140 employees.
The sale is conditional upon regulatory approvals.
READ Abrdn CEO Stephen Bird: ‘I’m very respectful… But I’m very challenging, and I should be’
“This deal represents an important step forward in our strategy to focus on our high-growth, platform-led businesses,” chief executive Stephen Bird said.
“Our track record over the past two years shows that where we identify non-core capabilities, we will look to divest and redeploy capital in ways that better align with the interests of our investors, clients and customers.”
Write to Ian Walker at ian.walker@wsj.com
This article was published by Dow Jones Newswires, a fellow Dow Jones Group service
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