Global asset manager abrdn has returned to its original name, announcing it will now be known as Aberdeen.
The firm changed its name to abrdn in 2021 as a way to engage a younger audience following its merger with Standard Life, but the decision faced backlash from shareholders and the media.
In April 2024, chief investment officer Peter Branner described the criticism as “corporate bullying”.
“I understand that corporate bullying to some extent is part of the game with the press, even though it’s a little childish to keep hammering the missing vowels in our name,” Branner said.
However, with the introduction of Jason Windsor as its new CEO to replace Stephen Bird, he has now brought back the firm’s old branding. Windsor was formerly the firm’s chief financial officer.
Making the announcement among its full-year results, the firm said: “This is a group to be proud of, with a promising future. We will deliver by looking forward with confidence and removing distractions. To that end, we are changing our name to Aberdeen Group. This is a pragmatic decision marking a new phase for the organisation, as we focus on delivering for our customers, people and shareholders.
“We do not intend to make any changes to our subsidiary legal entity names or the names of our underlying funds at this time, and our ticker will remain ABDN. We will now start to use ‘Aberdeen’ as the principal trading identity for our investment and adviser business.”
Shares in the FTSE-listed firm lifted by 7 per cent after the announcement.
The firm was originally known as Aberdeen Asset Management upon its establishment in 1983 and then as Standard Life Aberdeen following a merger with Standard Life in 2017.
As well as its asset management business, Aberdeen has the second-largest advised platform in the UK and provides financial planning solutions and technology for UK advisers. However, it noted it experienced “disappointing net outflows” of £3.9 billion ($7.9 billion) in the adviser platform business during 2024.
“Returning to growth is our key priority and a range of actions have already been put in place to achieve this. We have made an important shift on pricing, becoming more competitive as we seek to take advantage of a structurally growing market.
“We have acknowledged that aspects of our client service have not been as strong as they should and we have undertaken a range of measures to address this. This work has resulted in much shorter delivery times in critical areas like sign-ups and transfers.”
