Embattled British fund manager abrdn chief financial officer (CFO) Stephanie Bruce is set to leave the firm in the next few months as the company struggles to increase profit in a tumultuous market environment, reported Bloomberg.
The firm is still looking for a replacement for Bruce, who has been in the position since June 2019.
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Before joining Abrdn, Bruce worked with accountancy firm PwC as a partner.
An abrdn spokesperson was quoted by the agency as saying: “Stephanie initiated a conversation earlier in 2022/
“We are actively recruiting a replacement for her. There will be a smooth and orderly transition.”
Bruce’s departure comes after abrdn underwent a series of transformation under CEO Stephen Bird.
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By GlobalDataAs part of the transformation, Standard Life Aberdeen was rebranded to abrdn and Interactive Investor platform was bought to increase digital sales.
For six months until June this year, abrdn posted £35.9bn of outflows, reducing its assets under management and administration to £508bn from £542bn.
Most of the outflows involved the withdrawal of over £24.4bn of assets associated with a cancelled deal with Lloyds Banking Group (LBG).
As part of his effort to improve the company, Bird has been overhauling abrdn’s asset management business.
He has also been putting more focus on specific fields and integrating nearly 100 funds that operated a total of £7bn in assets.
abrdn was formed in 2017 after the merger two Scottish financial organisations, Standard Life and Aberdeen Asset Management.
