Standard Life Aberdeen plc has now been renamed abrdn plc
abrdn plc (“the Company”) announces that Standard Life Aberdeen plc has now been renamed abrdn plc.The Company ticker will be changed from SLA to ABDN with effect from 8.00am today. Today marks a key milestone as the Company delivers on its strategy. The new brand symbolises the transition underway to bring a clarity of focus, renewed sense of purpose and drive for sustainable growth for shareholders, clients and colleagues. Simplifying the business, coming together under one single brand is a key enabler to drive future growth. The Company’s client-led growth strategy is backed by a simplified structure focused on three core growth vectors; Investments, Adviser and Personal. In the coming months all of the Company’s client and customer propositions will rebrand to the new name – abrdn.abrdn plc also today announces a major new charity partnership with Hello World, a digital education charity that offers a practical, affordable and scalable solution to the global education deficit.Education is currently inaccessible to over 258 million children and 40% of the global population has no access to the internet. Hello World partners with communities to build Hello Hubs, solar powered and wi-fi enabled computer hubs, fitted with eight screens loaded with world-class educational content so that children can learn, access digital educational resources and improve their future by connecting globally.abrdn’s partnership with Hello World will fund communities to build 64 new Hello Hubs over two years, providing life-changing opportunities and education to approximately 80,000 children and adults in disconnected communities.Stephen Bird, CEO of abrdn plc, said:“I’m very excited to have reached this milestone. abrdn is so much more than a new name, it’s about our business coming together under a single global brand with a determined focus on enabling our clients and customers to be better investors”. “Acting with courage and conviction, being optimistic about the future and building powerful partnerships are all important attributes of the brand we are creating. That’s why I’m delighted that today we can also announce our partnership with Hello World – a charity that, like us, is solving the problems of today and tomorrow with innovative thinking, sustainable values and a futurist approach. Personally, I’m passionate about education and digital skills – and for me this partnership is a perfect fit with what abrdn stands for.”Katrin McMillan, CEO and Founder of Hello World, added: “We are delighted to be working with abrdn. Our collaboration will have an enormous impact on the work we do and will immeasurably improve the lives of the communities we support. To partner with a business and a team so closely aligned with our approach and values is an especial bonus.”“Even before Covid-19 hit, 258 million children were out of school, equivalent to 1-in-5 globally. This figure rose to 800 million children during the pandemic. We work with communities in Uganda and Nepal to enable them to build their own digital solar-powered hubs, loaded with education software and connected to the internet. Our Hello Hubs are a practical and affordable solution to the global education deficit and, with the support of abrdn, we will now be able to expand our programme and work with many more communities.”
Standard Life Aberdeen appoints Caroline Connellan as Chief Executive Officer of Personal Wealth
Standard Life Aberdeen (SLA) is pleased to announce the appointment of Caroline Connellan as Chief Executive Officer of Personal Wealth. Caroline will report directly to Stephen Bird, CEO of Standard Life Aberdeen plc, as a member of the Executive Leadership Team. She will be based in London.Caroline will join SLA from wealth manager Brooks Macdonald plc where she is CEO, having led that business since early 2017. She has overseen strong year on year growth in Funds Under Management, revenue and profit as well as executing key acquisitions and driving significant transformation to support the success of the business. Prior to this, Caroline held key senior roles at HSBC, including Head of UK Premier and Wealth, and has extensive consulting experience across the asset management and wealth sector with McKinsey. Her earlier career included roles with Standard Life and as a Private Client Fund Manager with Newton Investment Management. SLA’s Personal Wealth business includes 1825 Financial Planning and SLA’s direct-to-customer propositions including Digital Retirement Advice. Caroline’s appointment comes at a key juncture as SLA looks to significantly grow Personal Wealth under its recently announced unifying single brand Abrdn. Stephen Bird CEO, Standard Life Aberdeen commented:“I am delighted that Caroline will be joining us. She is an outstanding talent with clear and proven ability in building exceptional wealth management businesses, both organically and via acquisition. Critically, she has a deep customer-centric mindset and extensive experience in creating compelling and innovative offerings. Earlier this year, we outlined our strategy for growth encompassing three vectors; asset management, adviser and personal.“Alongside significant investment in asset management and our adviser support business, our intention is to build a market-leading wealth management proposition to capture value in the growing savings and pre-retirement market. The appointment of Caroline to lead our Personal Wealth business will be instrumental in delivering our objectives and I’m extremely pleased that she has shown strong confidence in our strategy and brand by joining us.”Caroline Connellan added:“It’s an exciting time to be joining SLA given its ambitions and commitment to the growing wealth market. Stephen’s vision for the business is dynamic and bold, and I’m delighted to have the opportunity to lead and shape the Personal Wealth business, building on its current quality offering. “There is an increasing need for individuals to save for the future, particularly for retirement, in a way that works for them – I believe we can play an important role in this, through a market-leading offering, digital innovation and strong customer relationships. I’m hugely looking forward to joining the leadership team at SLA and playing my part in leading the change over the coming years.”
Standard Life Aberdeen Adviser Platform CEO appointed to independent taskforce
Noel Butwell appointed to an independent taskforce commissioned by Government and led by City of London Corporation
Seeks to improve progression in financial and professional services
Standard Life Aberdeen announced the appointment of Noel Butwell, its CEO of Adviser Platforms, to the City of London Corporation (CoLC) independent taskforce to boost socio-economic diversity at senior levels in UK Financial and Professional services (FPS). Commissioned by HM Treasury and Department for Business, Energy and Industrial Strategy*, the taskforce is the first of its kind with a mission to challenge the lack of career progression for those coming from non-professional backgrounds and to explore the intersections with other protected characteristics, including gender and race.
Over 80 organisations across a range of sub sectors and regions are involved in the taskforce by shaping its outputs and working towards greater socio-economic diversity.Taskforce Chair and Policy Chair at the City of London Corporation, Catherine McGuinness, said:
“This is a unique opportunity to redress how the financial and professional services sector supports talent from diverse backgrounds, providing equal opportunities for everyone, regardless of their socio-economic status to get ahead. Through a sustained commitment, the taskforce will make a real difference in creating meaningful and lasting change.”
Noel Butwell, CEO Adviser Platforms, said:
“I’m delighted to have this opportunity to work with colleagues across the industry to address the issue of diversity. There have definitely been great improvements in the financial services industry, including within Standard Life Aberdeen, but we need to continue with this focus to make further improvements. Standard Life Aberdeen have some great initiatives and practices underway to support colleagues and society as a whole. These include our gender, ethnicity and social inclusion action plans, our charitable partnerships, a market leading UK parental leave policy, and crucially, I’m surrounded by colleagues who are passionate about driving change. There’s more to do though, and I’m looking forward to not only sharing our progress with the Taskforce, but also learning from other members about what’s working in other companies. I want to understand what action we can take to do better and, together, create long lasting change that will be beneficial across the industry.”
Standard Life Aberdeen plc to become Abrdn plc
Standard Life Aberdeen plc (“the Company”) today announces its intention to change its name to “Abrdn plc”. The new Abrdn name (pronounced “Aberdeen”) will be part of a modern, agile, digitally-enabled brand that will also be used for all the Company’s client-facing businesses globally.
The new brand identity marks the next stage in the reshaping of the business and future-focused growth strategy. The Company is focused on three interrelated growth vectors: global asset management (Investments), technology platforms for UK financial advisers and their customers (Adviser), and UK savings and wealth (Personal).
The rebranding roll-out process for the new name and associated visual identity will begin in the summer and progress through 2021, alongside implementation of a full stakeholder engagement plan to manage the transition.
Stephen Bird, Chief Executive, said:
“Our new brand Abrdn builds on our heritage and is modern, dynamic and, most importantly, engaging for all of our client and customer channels. It is a highly-differentiated brand that will create unity across the business, replacing five different brand names that have each been operating independently. Our new name reflects the clarity of focus that the leadership team are bringing to the business as we seek to deliver sustainable growth.”
A subsequent announcement will be made when the Company’s name change becomes effective with a revised stock ticker. This is expected to take place prior to the publication of the Company’s half year results in August 2021. Until such an announcement is made, trading will continue under the existing ticker. No action is required on the part of any equity holders with respect to their rights as an equity holder.
Standard Life Aberdeen: Αύξηση καθαρών κερδών το 2020
Πτώση στα προσαρμοσμένα προ φόρων κέρδη της ανακοίνωσε για το 2020 η Standard Life Aberdeen PLC, αισιοδοξώντας, ωστόσο, για το μέλλον, καθώς απλοποιεί τις δραστηριότητες μέσω της εξόδου από το real estate στις σκανδιναβικές χώρες και την Ινδονησία, και με την προτεινόμενη πώληση της Parmenion.
Η επενδυτική εταιρεία εμφάνισε προσαρμοσμένα προ φόρων κέρδη 487 εκατ. στερλινών (673,1 εκατ. δολάρια) για το 2020, έναντι 584 εκατ. στερλινών για το 2019.
Τα καθαρά κέρδη της εταιρείας αυξήθηκαν στις 848 εκατ. στερλίνες από 210 εκατ. στερλίνες πριν από ένα χρόνο.
Τα έσοδα με βάση τις προμήθειες για το έτος μειώθηκαν στις 1,43 δισ. στερλίνες από 1,63 δισ. στερλίνες το 2019.
Τα assets υπό διαχείριση στο τέλος του 2020 μειώθηκαν στις 534,6 δισ. στερλίνες από 544,6 δισ. στερλίνες ένα χρόνο πριν.
Το Δ.Σ. πρότεινε μέρισμα 14,6 πενών, έναντι 21,6 πενών το 2019.
Standard Life Aberdeen broadens global talent on senior leadership team
• René Buehlmann appointed CEO Asia Pacific • Chris Demetriou appointed CEO UK, EMEA and Americas• David Mouille joins Corporate Development team
Standard Life Aberdeen has made three new appointments, building on existing expertise as well as bringing new talent into the business. The appointments support the company’s ambitious growth agenda and strengthen the alignment of the business around its growth vectors; Investments, Adviser and Personal (Savings & Wealth).
Stephen Bird, CEO, Standard Life Aberdeen said: “I am excited to announce these changes – we’re developing the great pool of talent we already have as well as attracting new expertise into the business. The strengthened executive leadership team has the expertise, judgement and drive to lead the business as we deliver on the strategic opportunities across our global business.”
Asia Pacific
René Buehlmann has been appointed CEO Asia Pacific (APAC). René joins with over 30 years of global wealth and asset management experience. He will be responsible for the business in some of the world’s fastest-growing savings and investments markets. René has particularly strong experience in China and will look to leverage Aberdeen Standard Investments’ global capabilities to further develop the investments vector across APAC.
Hugh Young has been appointed Chairman, Asia. He will continue to champion the business in Asia and be a source of trusted expert guidance for René in his new role. Hugh will remain as lead fund manager for Aberdeen Standard Asia Focus PLC and retain his director positions representing the firm on certain fund and UK investment trust boards. UK, EMEA, Americas
Chris Demetriou, formerly Head of Americas, will lead the Investments vector across the UK, EMEA and Americas. He will take up his new role on 1 April. This significantly broadened remit will drive greater commercial focus and help to deliver sustainable growth through strong collaboration on global investment capabilities. Gary Marshall, Head of UK & EMEA will be retiring later in the year and his responsibilities will transition to Chris. UK Adviser & Personal
There is a significant opportunity in the UK retail market as more individuals take on responsibility for their future wealth. The UK Adviser and Personal vectors are key strategic priorities as the business looks to capitalise on this opportunity and make it easier for people to save. To support this ambition, SLA is looking to appoint a CEO of the Personal vector and the search is developing well. In the interim, Noel Butwell, CEO of the Adviser vector, will also act as CEO of the Personal vector.
David Mouille has joined the Corporate Development team reporting to James Aird. David will be particularly focused on supporting growth in the Personal vector having considerable experience in corporate development and investment banking acquired at Citibank in Europe, Asia and the USA, and Merrill Lynch Asia.
Julie Scott, CEO of 1825 and interim lead for Personal, is leaving the business to take up a new role as Chief Customer Officer at Royal London.
Stephen Bird continued: “We have a fantastic platform for growth in this business. Asia Pacific is a key component of that growth, which is why I am delighted to add someone of René’s quality to the team – who can build upon Hugh’s legacy. I am really looking forward to welcoming René and David to the business and working closely with them to build on our existing capabilities and move forward with our strategic ambitions. And of course, I’m really delighted for Chris in his expanded role, he’s a fantastic home-grown leader.
I want to thank Hugh for his tremendous efforts over many years building our business in Asia. Hugh’s ongoing counsel and strategic advice will be invaluable as we continue to build our presence in the region. My thanks and best wishes also go to Gary and Julie for their leadership and the invaluable support they have provided to me and the business – I have very much enjoyed working with them both.”
Standard Life Aberdeen: Stephen Bird appointed as Chief Executive Officer
Following the announcement of 30 June 2020, the Board of Standard Life Aberdeen plc confirms that the relevant regulatory approvals have been received for the appointment of Stephen Bird.
Accordingly, Keith Skeoch has resigned from the Board as Chief Executive and Executive Director and Stephen Bird has taken up the role of Chief Executive Officer, both effective from 1 September 2020.
Stephen brings an established track record of delivering exceptional value to clients and customers, creating high quality revenue and earnings growth in complex and competitive financial markets, as well as deep experience of business transformation during periods of technological disruption and competitive change. Most recently, Stephen served as CEO of Global Consumer Banking at Citigroup, a role he held since 2015, retiring in November last year. Prior to that, Stephen was Chief Executive for all of Citigroup’s Asia Pacific business lines across 17 markets in the region, including India and China, in a 21 year career with Citigroup in which he held various leadership roles in banking, operations and technology across Citigroup’s Asian and Latin American businesses.
Keith stands down from the Board after some five years as Group Chief Executive and 14 years as a Director, and will serve out the remainder of his contract as non-executive Chairman of the Aberdeen Standard Investments Research Institute (‘ASIRI’).
Sir Douglas Flint, Chairman of SLA said: “The transition from Keith Skeoch was always going to be a challenge to deliver, given the incredible scale and range of his contributions to the success of the company over many years. I am however extremely pleased to say we have found a truly worthy successor. I am delighted to welcome Stephen to Standard Life Aberdeen and am looking forward to working with him. He is an inspiring leader with a great track record and experience in leading businesses to harness digital technology to improve both productivity and the client and customer experience. This, coupled with his ability to create valuable partnerships and guide businesses through periods of major change, means that he is well placed to build on the strong foundations we have at SLA.”
Stephen Bird said: “I am delighted to be joining Standard Life Aberdeen as its next Chief Executive. This is a company with a great history, a strong brand and an exciting future. The current crisis has highlighted the importance of active asset management as well as building greater resilience into personal financial planning. SLA’s leading asset management, platforms and wealth capabilities give great scope to help clients and customers navigate these challenges; this is what attracted me to the company. I am looking forward to working with my new colleagues to create a better future for all our stakeholders.”
Standard Life Aberdeen and Lloyds settle dispute over £104bn contract
Lloyds Banking Group has reached a settlement with Standard Life Aberdeen (SLA) over a £104bn (€116.5bn) fund management contract after the bank attempted to sack the asset manager last year.
The settlement, announced by SLA this morning, means Lloyds will pay £140m in compensation and retain the asset manager for a £35bn mandate, comprising £30bn of passive assets and £5bn in real estate funds, until at least April 2022.
Lloyds announced that it intended to retender the contracts – which predominantly related to its subsidiary Scottish Widows – in February 2018. It claimed that the merger between Aberdeen Asset Management and Standard Life in 2017 meant its investments were being run by a competitor in the insurance market.
SLA challenged Lloyds’ decision, and a tribunal ruled in March this year that Lloyds could not terminate the investment contracts as it had intended.
The settlement could mean delays to Lloyds’ plan to set up a £13bn wealth management business in a joint venture with Schroders. The two firms announced in October 2018 that the FTSE 100-listed asset manager would also run £67bn in insurance assets.
In addition, the deal could also delay a £30bn passive management contract that Lloyds awarded to BlackRock, announced in October last year. The bank also said it was pursuing a strategic partnership with BlackRock, including collaboration in alternative asset classes, risk management and investment technology.
A spokesperson for Scottish Widows told IPE: “We are pleased to have been able to reach agreement with Standard Life Aberdeen. We will continue to work closely with SLA to ensure there is no disruption to performance or service as we begin the process of an orderly transfer of assets to our new partners.
“There will be no immediate changes for our customers and we’ll keep them updated throughout this process.”
In its statement this morning, SLA said assets would transfer to “third-party managers” in a series of tranches over the next nine months.
Chief executive Keith Skeoch added: “We are pleased with the settlement with [Lloyds] and believe that it represents a fair and positive outcome for both parties. We look forward to building on our relationship with [Lloyds] and continuing to deliver positive outcomes for their customers.
“The retention of assets in our passive strategies as well as active real estate portfolios positions us to benefit from scale and growth in these growing parts of the asset management industry.”
Source: ipe.com