abrdn cuts back on 'niche' ABS team in bid to keep up with UK trends
In the latest move, abrdn has opted to reshuffle the ABS team, according to a spokesperson for the firm.
The group has been on an ongoing mission to revamp its fleet of portfolio offerings, which has seen several products merge or close in recent years.
In the latest move, abrdn has opted to reshuffle the ABS team, according to a spokesperson for the firm.
abrdn cuts employee benefits to reduce costs — reports
The floating rate ABS fund, which is currently run by Scott Duggal and Janaka Nanayakkara, will be transferred to Ben Goodsell, who will be supported by analyst Renato Falco.
Duggal and Nanayakkara will consequently be leaving the firm.
The spokesperson said: «abrdn's overarching corporate strategy is to ensure that our best-in-class investment capabilities can be delivered to clients in a scalable, efficient manner.
»Given the relatively niche aspect of the ABS strategy and trends in the UK institutional investment landscape, we have made some changes to the ABS team."
abrdn Diversified Income & Growth eyes managed wind-down
abrdn defined ABS as a «security collateralised by an underlying pool of assets that deliver cashflow, such as consumer debt, mortgage debt or corporate loans» and in a 2022 blog post written by Kenneth McMillan, investment director of diversified assets for the firm, he promoted the securities as an option for multi-asset investment to hedge against rising inflation.
Another part of the shake-up concerned the commercial real estate lending team, which saw investment director Martin Barnewell move to the multi-sector private credit portfolio management team from January 2024.
He joins MSPC co-portfolio managers Marianne Zangerl, head of ESG, fixed income, and Andrew Dennis, head of private
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