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Former Aviva executive Jason Windsor is in pole position to become the next chief executive of Abrdn following the departure of Stephen Bird, whose tenure was marked by a problematic rebrand and expulsion from the FTSE 100.
Two sources close to the process told the Financial Times that Windsor, who joined Abrdn in October as chief financial officer, was the favoured candidate.
He could be formally elevated to the top role as soon as Tuesday when the company reports half-year results.
Windsor was moved into the chief executive role on an interim basis in May when Abrdn announced that Bird would leave the business following “the significant strategic repositioning of the company”.
Abrdn also said at the time that it would conduct a formal search process, noting that it would “include consideration of external candidates”.
Abrdn told the Financial Times: “No decision has been made on the appointment of a new CEO. When a decision is taken by the board, we will update the market in line with regulatory requirements.”
The next chief executive will take on the role after a turbulent four years for the asset manager, in which it has twice been ejected from the FTSE 100 and suffered from a much ridiculed rebranding, when its Standard Life Aberdeen brand was ditched for Abrdn.
But the broader fund management industry in the UK has been under pressure, following a lengthy period of outflows from equity funds run by managers and ongoing competition from cheaper index trackers.
Before joining Abrdn, Windsor worked at FTSE-listed housebuilder Persimmon as chief financial officer for just over a year, having previously held the same role at insurance company Aviva, where he worked for 15 years.
He also spent 15 years at Morgan Stanley, during which time he was an adviser to financial companies on mergers and acquisitions, strategy and fundraising.
Bird had attempted to diversify Abrdn by expanding its wealth management business and by selling more investments directly to consumers.
He oversaw Abrdn’s acquisition of Interactive Investor, the UK’s second-largest consumer investment site by assets, for £1.5bn in 2021.
He restructured underperforming parts of the business by merging or closing more than 250 of the company’s investment funds and offloading peripheral businesses and joint ventures. Earlier this year, Bird cut about 500 jobs, amounting to 10 per cent of the workforce, to save on costs.
He was approached by the FT for comment regarding his departure.
However, analysts have said that Abrdn needs to go further.
Rae Maile, analyst at Panmure Liberum, said after Bird’s departure that the business “must deliver a much lower cost base.”
He added: “Another new CEO, which we presume will be a coronation of the CEO-elect, will have one more chance to reset the strategy and to outline how costs will be reduced.”
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