Abrdn mulls sale of £14bn private equity business

Abrdn CEO Stephen Bird

Edinburgh-based investment giant Abrdn is preparing to sell its private equity business as part of the current streamlining process taking place under CEO Stephen Bird, according to a Sky News report.

Investment bankers at Rothschild have been appointed to oversee the sale process of the unit, which manages roughly £14 billion in private equity assets, the report said.

Abrdn and Rothschild declined to comment.

A sale would represent the latest phase of a reshaping of Abrdn under Bird, who has outlined a strategy to simplify the company.

On May 30, Abrdn said it completed its £1.49 billion cash acquisition of Manchester-based Interactive Investor (ii), the UK’s second largest investment platform for private investors.

Abrdn called ii a “high growth, high margin business” which is expected to be “double-digit accretive to Abrdn’s adjusted earnings.”

Abrdn is due to announce half-year results on August 9, when, like other major asset managers, it may unveil a significant fall in assets under management due partly to the recent rout in global stock markets.

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.