A high-profile shareholder in Abrdn dumped the stock after losing faith in management’s ability to turn the UK asset manager around.
US investment firm Harris Associates, which has more than $100bn in assets under management, “sold the stock last year as [we] lacked confidence that management could repair the business”, David Herro, the firm’s deputy chair, said.
Herro questioned whether Abrdn “overpaid” for the Interactive Investor business, which it bought in 2021 for £1.5bn.
Last month, Abrdn announced plans to cut around 500 roles from its business as part of a “transformation programme” to make at least £150m of cost savings.
