20th Jul 2022 06:01
(Alliance News) - abrdn PLC is preparing to sell its private equity arm as part of its ongoing streamlining process, Sky News reported late on Tuesday.
abrdn has hired investment bankers to find a buyer for the division which manages roughly GBP14 billion in private equity asset, Sky reported. Rothschild has been appointed to oversee the process, according to sources.
The sale represents the latest phase of a reshaping of the Edinburgh-based investment company which has been gathering pace under Chief Executive Officer Stephen Bird, who joined the company then known as Standard Life Aberdeen two years ago.
abrdn's sale of its private equity funds business is expected to take several months.
https://news.sky.com/story/abrdn-to-sell-private-equity-arm-as-bird-reshapes-funds-giant-12655178
Shares in abrdn closed 2.2% higher at 158.58 pence on Tuesday in London.
By Heather Rydings; [email protected]
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