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Aberdeen axes six fund managers

Aberdeen Asset Management is making six fund management staff, including head of UK equities John Thornton, redundant in a strategic review of its operations.

The reshuffle sees Thornton, manager of its flagship blue-chip UK fund, and head of UK equities, as the highest-profile casualty.

Also leaving is former head of equity income and manager of the Murray Income Trust Doug Thomson.

IFAs say something had to be done at Aberdeen, given the poor performance of its UK funds in recent times.

They claim that too much money has been spent on marketing and not enough on investment.

The changes see Aberdeen&#39s existing UK equity, UK equity income and European equity desks come together, forming a pan-European team under Adrian Fowler.

A united emerging markets desk is also being formed under the overall responsibility of Hugh Young, who works out of Aberdeen&#39s Asian office.

Aberdeen chief investment officer Katherine Garrett-Cox says: “It is my belief that we need a management structure which is sharper and more clearly focused, with shorter and clearer reporting lines.

“These structural changes will bring out the best in what is a dynamic and forward-looking team well able to take its place in the industry.”

Hargreaves Lansdown head of research Mark Dampier says: “While it is clear that something had to be done for a while, especially on the UK side – which has done poorly – I am disappointed that they have not announced anyone coming in to replace those leaving.”

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