Aberdeen Asset Management has shelved the launch of its fund of funds operation, citing the economic environment for the delay.
The multi-manager should have been running by the end of last year but has been put on hold, with Aberdeen admitting “everything is under review”.
The decision throws into doubt the positions of Simon Nicholas and David Oakes, who left Cazenove's multi-manager team last May to establish the Aberdeen business.
AAM recently closed its private client unit trust operation, which it launched 12 months ago. That decision resulted in the redundancies of James Thompson and Simon Ackroyd, who were responsible for its development.
Managing director Gary Marshall says: “It is not the right climate for launching a fund of funds business. We want to be able to launch it properly but everything is under review.”
Simpsons of Brighton IFA partner Andrew Merricks says: “Aberdeen lurches from one crisis to another. It is only a matter of time before it rebrands – things are getting desperate.”