Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Aberdeen to cut 150 jobs if it seals Swip deal

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 or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: the opportunities in UK challenger banks

Brewin's Gutteridge: the opportunities in UK challenger banks

In this week's podcast, Brewin Dolphin's Ben Gutteridge and Guy Foster, discuss opportunities in the global financials sector with Aptus' Johnny De La Hey.

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Your Business: Cover Star Club

Profile: how Close Brothers gave power back to the regions

Profile: how Close Brothers gave power back to the regions

Almost a year into the role, Close Brothers Asset Management head of wealth management Andy Cumming has highlighted three keys areas of focus

Wealth Manager on Twitter