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The UK manager in the UK Abrdn has re -evaled himself as Aberdeen after mocking the removal of most vowels by his name under the previous executive chief Stephen Bird.
Jason Windsor, who became the chief executive of ABRDN last year, said Tuesday that FTSE 250 would change her name, which he described as “a pragmatic decision marking a new phase for the organization, as we focus on offering our clients, people and shareholders”.
Zog, who withdrew from his role last May, decided to rename the company as ABRDN in 2021. The group was previously called standard Life Aberdeen after joining two estate managers in 2017.
Zog’s rebrand was widely ridiculed and Tuesday’s decision comes just weeks after Windsor said the group would continue with the name, despite much ridicule.
The company said Tuesday’s mass will end the “distractions”. According to the change, the company pronounces its new name with a lower case “a”.
The fund group also announced that there would be a search for a new chair to replace Sir Douglas Flint, who took the role in early 2019.
The announcements came as the group returned to profit last year, reporting a pre -tax profit of £ 251m for 2024, compared to a £ 6m loss for the past year, as customers withdrew less money from its funds and investment returns improved.
Improved results follow a few years of trouble for the middle -property manager, during which it was twice extracted from the FTSE 100 stock index and has been introduced into a large cost reduction program, resulting in job cuts and closing funds.
But the signs of a twist are starting to appear. Customers withdrew a net of £ 1.1 billion from its funds last year, from £ 17.6BN to 2023. Return of group investments improved, with more funds beating their standards. Total assets under management increased £ 3 percent to £ 511bn during the year.
The Fund’s manager said it had reached an agreement to issue the value of the company’s pension surplus the company’s benefits, freeing £ 35m a year from July, which said it would provide “a considerable annual incentive for capital generation”.
Windsor has also set new financial objectives for the coming year to “reflect the growing moment of the group”. These include the distribution of at least £ 300m in regulated operating profit and generation of equity of about £ 300m.
The asset manager is among a group of Midsized UK funding enterprises that have been pressured by increased costs of regulation and continuous outputs from Net Capital funds – especially those holding shares in the UK – after investors shift their money to cheaper investments.
Windsor, a former banner focused on the agreement, has said in the past that he had no plan to make further purchases after the acquisition of his predecessor of the interactive investment investment for 1.5bn £ 2021.
The chief executive has sold or is seeking to load suburban business divisions, such as his financial planning arm. Windsor added that the Fund’s manager was “on the right track” to reduce at least 150m in cost by the end of 2025.
Rae Maile, a Panmure Liberum analyst, wrote to clients: “The market has not believed in Aberdeen (yes, EE are back) either in the ability to get costs or have a strategy for growth. This view is challenged today.”
Aberdeen’s shares increased 11 percent in early trade on Tuesday.
