The changes come as abrdn battles to stem outflows from its investment funds, which have plagued the business since it came into being with the £11 billion merger of Aberdeen Asset Management and Standard Life in 2017.
Mr Windsor was appointed permanent chief executive in September following the eventful four-year tenure of former boss Stephen Bird.
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Mr Bird presided over a controversial name change to abrdn from Standard Life Aberdeen, and reshaped the business around three core businesses of Investments, Adviser, and Interactive Investor (ii). In January, he announced a major restructuring programme to save £125 million a year by 2025 and improve the performance of its Investments business to an “acceptable level of profitability” – a move expected to lead to around 500 job cuts.
Mr Windsor is now looking to make his mark on the business and has moved quickly to assemble a new leadership team, promoting asset management veteran Xavier Meyer to chief executive of Investments. Mr Meyer, who has more than 25 years’ experience in the asset management industry, including 14 years living and working in Asia, has spent the last two years as abrdn’s chief client officer. He succeeds Rene Buehlmann, who will leave abrdn.
Richard Wilson has been named as group chief operating officer, and takes overall responsibility for the firms technology capability and driving he efficiency of its IT and operations. With more than three decades’ experience of delivering change, Mr Wilson will also continue as chief executive of interactive investor, abrdn’s DIY investment platform. David Scott, who has served as chief technology officer “with distinction”, will retire as planned.
Mr Windsor said: “These changes are about having the right people in the right roles, sharpening our focus on clients, and strengthening our Investments business. By working together, the new leadership team will drive profitable long-term growth that will benefit our shareholders, our clients and our colleagues.
“Xavier Meyer’s and Richard Wilson’s new responsibilities recognise the strength of their contributions to the organisation thus far, and the changes we are making are a clear indication of the breadth and depth of talent we have in the Group. I would also like to thank Rene Buehlmann and David Scott for their considerable contributions to abrdn and to wish them well for the future.”
abrdn said it has formed a new group operating committee has been formed, with a “clear focus” on transforming the group’s performance, and speeding up decision making. This committee will comprise seven people including the group chief executive, chief operating officer, and chief financial offer, as well as the business unit chief executives.
The firm also said executive leadership team has been reframed, and will focus on overseeing the execution of strategy, the talent and culture agenda, and the risk and control environment. This group will include new representation, abrdn said, with the Investments chief information officer and senior client and product colleagues joining to provide a “clear focus” on client outcomes and deliver the Group’s growth and efficiency objectives.
