abrdn has announced its intention to establish a strategic partnership with SG Hiscock (SGH) for the firm to become abrdn’s wholesale distribution partner in Australia.
This would see SGH set up a dedicated team to distribute the firm’s international funds to the Australian market.
The local capabilities of abrdn’s Australian equity investment management would also be transferred to SGH which was intended to be completed in the first half of 2023 and it was understood by Money Management that head of Australian equities, Michelle Lopez, would leave abrdn.
“abrdn Australia will continue to employ a number of colleagues in global and APAC roles. We will also continue to develop our relationships with institutional and consultant clients in Australia, making our global expertise and services available.
“We remain strongly committed to supporting the evolving needs of investors in Australia through differentiated investment solutions, managed accounts, active ETFs, sustainable investment strategies and digital advice,” the firm said.
This was the second global asset manager to indicate it would be reducing its presence in Australia as BlackRock announced it was repositioning its Australian equities fund range and had signed a Memorandum of Understanding with Pendal.
