Aberdeen Standard Investments (ASI) has confirmed a change in the management of its prominent £12 billion Global Absolute Return Strategy (GARS) fund.
Veteran GARS fund manager Neil Richardson revealed on his LinkedIn page that he resigned from Aberdeen Standard Investments and is “looking for a new challenge.”
ASI said Alistair Veitch will join the GARS portfolio management group, working alongside Katy Forbes, Scott Smith and Thomas Maxwell.
“The decision was entirely my own, and not an easy one to take as there are many aspects of the job I enjoy,” wrote Richardson.
“Working as a portfolio manager on GARS, the flagship global multi-asset absolute return fund, has been exciting, stimulating, and a privilege.
“I still love working in financial markets, and there are many talented individuals at ASI with whom I was lucky enough to be able to exchange thoughts.
“However, for several reasons, I felt that I was beginning to lose motivation and to underperform against my own expectations. I have therefore decided that it is time for me to leave, and find a new job in a different company.”
Aberdeen Standard said: “Neil will remain with us until the end of June to ensure a smooth and comprehensive handover of his responsibilities.
“He will leave with our thanks for his contribution to the Multi Asset Solutions (MAS) team and with our best wishes for the future.
“Within Multi Asset Solutions (MAS), we encourage a culture of personal growth and development.
“This means we have a pool of talented portfolio managers, strategists and analysts and there is invariably plenty of scope to promote from within the team.
“Alistair Veitch will join the GARS portfolio management group, working alongside Katy Forbes, Scott Smith and Thomas Maxwell.
“Alistair has been a multi-asset portfolio manager since 2018 and brings more than 20 years’ experience in equities and emerging markets.
“Alistair’s background is similar to Neil’s and highly complementary to the existing team.
“Alistair has been a member of the Global Focused Strategies (GFS) management team since Q4 2018.
“The experience and positive contribution he has made in this role will allow for a seamless transition to the GARS portfolio management team.”