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British active director Abrdn renamed Aberdeen after being widely ridiculed for having withdrawn most of the vowels under the chief executive, Stephen Bird.
Jason Windsor, who became Managing Director of Lower Last year, said Tuesday that the company FTSE 250 would change its name, that it described as “a pragmatic decision marking a new phase for the organization, while we focus on the delivery of our customers, people and shareholders”.
Bird, who left his role last May, chose to rename the company as a abandon in 2021. The group had already been called Standard Life Aberdeen following the merger of two asset managers in 2017.
The brand change by Bird was largely mocked and Tuesday’s decision comes only a few weeks after Windsor said the group would continue with the nameDespite a lot of ridiculous.
The company said that Tuesday’s decision would end “distractions”. Under change, the company spends its new name with an “A” in the lower cases.
The announcement took place while the group dates back to its profits last year, reporting a profit before tax of 251 million pounds sterling for 2024, against a loss of 6 million pounds sterling for the previous year, because customers pulled less money from its funds and investment yields have improved.
Improved results follow a few turbulent years for the medium -sized asset manager, during which he was twice ejected from the FTSE 100 sharing index and has embarked on a significant cost reduction program, resulting in employment deletions and fundraising.
But the signs of a turnaround are starting to emerge. Customers pulled a net of 1.1 billion pounds sterling from its funds last year, against 17.6 billion pounds sterling in 2023. Group investment returns are improved, with more funds. Total assets under management increased 3% to 511 billion pounds sterling during the year.
The fund manager said he had concluded an agreement to release the value of the company’s defined service pension surplus, releasing 35 million pounds sterling per year from July, which, according to him, would provide “a significant annual increase in the generation of capital”.
Belly has also set new financial objectives for next year to “reflect the group’s growing dynamics”. These include delivering at least 300 million pounds sterling in adjusted operating profit and a generation of net capital of around 300 million pounds sterling.
The asset manager is part of a group of medium -sized American funds that have undergone pressure on regulation costs and current funds – in particular those who hold British shares – while investors move their money to cheaper passive investments.
Windsor, a former banker, focused on transmission, said in the past that he did not intend to make other acquisitions, following the purchase by his predecessor of the interactive investor for 1.5 billion pounds sterling in 2021.
The Managing Director has sold or seeks to discharge peripheral commercial divisions, such as his financial planning arm. Windsor added that the fund manager was “on the right track” to reduce at least 150 million pounds of cost sterling by the end of 2025.
Rae Maile, analyst at Panmure Liberum, wrote to customers: “The market did not believe in Aberdeen (yes, EEs are back), either in the ability to achieve costs, or to have a growth strategy. This point of view is disputed today. »»
Aberdeen’s shares increased 11% at the start of negotiation on Tuesday.
