Wealth Manager - the site for professional investment managers

Register to get unlimited access to 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
Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Play Henderson's Lofthouse on merger boost and political risk

Henderson's Lofthouse on merger boost and political risk

Ben Lofthouse talks through where he is finding income and what surprises await the global economy in the new year.

Read More
Your Business: Cover Star Club

Profile: why Patronus Partners' founder left the only job he ever knew

Profile: why Patronus Partners' founder left the only job he ever knew

'There was a definite idea of how things would work out over 12 months. When we look back, that was inaccurate'

Wealth Manager on Twitter