Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at

Aberdeen to cut 150 jobs if it seals Swip deal

by Dylan Lobo on Nov 04, 2013 at 07:56

Aberdeen to cut 150 jobs if it seals Swip deal

Aberdeen Asset Management plans to cut a number of jobs if it successfully acquires Scottish Widows Investment Partnership (Swip), according to reports.

The Financial Times reported Aberdeen would cut 150 jobs out of a combined workforce of 2,500 between the two companies.

Aberdeen is currently locked in talks with the Lloyds-owned business over what could be a £500 million deal, which it hopes to have sealed before the year is out. It is understood Aberdeen will raise £400 million from a share issue to fund the deal and dip into its cash pile to pay off the excess.

The paper reported the cuts would be split between Aberdeen's 2,000 strong workforce and Swip, which employs 500 people.

The acquisition will propel Aberdeen, led by chief executive Martin Gilbert (pictured), above Schroders as Europe's largest listed asset management firm and diversify its business, which is heavily skewed towards emerging markets.

However, there is no guarantee Aberdeen will win the battle for Swip, with Australia's Macquarie Group widely tipped to mount its own bid.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home

As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Investing for income in a changing environment

With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop

More about this:

Look up the shares

  • Aberdeen Asset Management PLC
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them


On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet