Edinburgh investment giant Abrdn announced that its investment companies head William Hemmings has decided to retire and that Christian Pittard has taken on a newly expanded role as Head of Closed End-Funds & Managing Director, Corporate Finance.

Abrdn is the third largest manager globally of closed-end funds (investment trusts) and manages and administers almost £500 billion of assets for clients.

In a statement, Abrdn said: “After 32 years at Abrdn, and 20 years as Head of Investment Companies, William Hemmings has decided to retire.

“We would like to thank William for his considerable contribution to the company and wish him the best for his retirement.

“Christian Pittard has taken on a newly expanded role as Head of Closed End-Funds & Managing Director, Corporate Finance.

“Christian has significant experience of closed-end funds and will also continue to have responsibility for Abrdn’s closed-end fund M&A.

“This brings together our existing closed-end client relationships and M&A activities. He will report into Xavier Meyer, Chief Client Officer and Head of UK & EMEA.

“Ben Heatley joined abrdn as Head of Closed-End Funds Sales in early November. Ben joins from Nimrod Capital and will report into Fergus McCarthy, Head of UK Investments Wholesale Distribution.

“As the third largest manager globally of closed-end funds, the appointments demonstrate our commitment to this area as we continue to expand and invest capital targeted at the closed-end fund business.”