Aberdeen funds 'on hold' after restructure
Ratings house Standard & Poor's has placed two of Aberdeen Asset Management's fixed interest funds 'on hold' following Friday's announcement that two of its key fixed income executives had departed the company.
Aberdeen announced late on Friday afternoon that it had "refreshed" its local leadership team, with the consequent restructure seeing the departure of the chief executive and head of fixed income, Bill Bovingdon, and portfolio manager Gavin Goodhand.
The company said the Singapore-based Robert Mann would also be leaving the company at the end of the year.
The announcement then saw Standard & Poor's placing the fixed interest funds 'on hold' until the situation is reviewed in November.
The Aberdeen announcement said former Credit Suisse executive Victor Rodriquez would become head of fixed income while Aberdeen's chief operating officer, Brett Jollie, would succeed Bovingdon as chief executive.
Commenting on the changes, Aberdeen's managing director for Asia, High Young, said while the company was sorry to see Bovingdon and Goodhand depart, the restructure was necessary following Aberdeen's successful integration of the Credit Suisse business.
Aberdeen's global head of fixed income, Paul Griffith, said it had become increasingly clear in the past couple of months that the Credit Suisse imprint in Aberdeen's investment process had become stronger and it had always been the intention to combine the best of both businesses.
AUTHOR
Mike Taylor
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
