Edinburgh-based investment group Abrdn has announced big changes to its senior leadership team — and a new senior leadership structure.
Xavier Meyer has been appointed as CEO Investments, succeeding Rene Buehlmann, who will leave Abrdn — and Richard Wilson will become Group Chief Operating Officer.
Abrdn said: “Xavier has almost 25 years’ experience in the asset management industry, working in global executive roles, including 14 years living and working in Asia. Having spent the last two years as Abrdn’s Chief Client Officer, Xavier brings a deep understanding of our clients’ focus areas and perspectives. Xavier is based in the UK.”
On new COO Wilson, Abrdn said: “Building on more than three decades of experience delivering change, Richard will take overall responsibility for our technology capability and driving the efficiency of our IT and operations. He will draw on the clear strengths interactive investor demonstrates in these areas.
“David Scott, who has served in the role of Chief Technology Officer with distinction, will retire as planned. Richard will continue as Chief Executive of Interactive Investor, supported by his experienced leadership team.”
Richard Wilson
Abrdn also announced a new senior leadership structure “designed to simplify decision making and accelerate progress against its strategic priorities of transforming performance, improving the client experience and strengthening talent and culture.”
A new group operating committee has been formed “with a clear focus on transforming the group’s performance, and speeding up decision making.”
This committee will comprise seven people including Group CEO, COO and CFO, as well as business unit CEOs.
On October 24, Abrdn said its assets under management and administration (AUMA) rose 2% YTD to £507 billion, reflecting positive markets and net inflows at its Interactive Investor business.
However, Abrdn shares fell about 8% on October 24 as it revealed continued outflows in its Investments business that were “driven by equities and Insurance Partners” with a “performance transformation ongoing.”
Since October 17, Abrdn’s share price has fallen more than 20% from about £1.72 to around £1.37, reducing the firm’s stock market value to roughly £2.5 billion.
Abrdn added: “The executive leadership team has been reframed, and will focus on overseeing the execution of strategy, the talent and culture agenda, and the risk and control environment.
“This group will include new representation, with our Investments CIO and senior client and product colleagues joining to provide a clear focus on client outcomes and deliver the group’s growth and efficiency objectives.”
Abrdn CEO Jason Windsor said: “These changes are about having the right people in the right roles, sharpening our focus on clients, and strengthening our Investments business. By working together, the new leadership team will drive profitable long-term growth that will benefit our shareholders, our clients and our colleagues.
“Xavier Meyer’s and Richard Wilson’s new responsibilities recognise the strength of their contributions to the organisation thus far, and the changes we are making are a clear indication of the breadth and depth of talent we have in the group. I would also like to thank Rene Buehlmann and David Scott for their considerable contributions to Abrdn and to wish them well for the future.”