Aberdeen to announce job cuts

Aberdeen Gilbert Martin Gilbert 700x450

Aberdeen Asset management is to announce job cuts at the end of the month but says investment roles will be spared.

In its annual results later this month, the asset manager will announce “a small number of roles” will be cut, the Financial Times reports. This is mainly as a result of the firm’s acquisition of Scottish Widows Investment Partnership in April last year.

Aberdeen chief executive Martin Gilbert says: “Following the 12-18 month integration of Swip, a small number of roles are now surplus to requirements. People retiring over the next few months will also not be replaced.

“No investment roles will be touched but we will look to do more in terms of controlling our costs.”

Aberdeen, which manages more than £307bn in assets under management, currently employs 2,485 people including 500 from the Swip acquisition.

The asset manager has also been hit hard by the turmoil in emerging markets, suffering net outflows of almost £10bn in the three months to the end of June.

In September the fund group acquired a number of businesses including Bristol-based Parmenion Capital Partners as well as investment manager Advanced Emerging Capital.

Gilbert says: “We will probably make another four or five similar acquisitions next year but the main thing we will do is wait for the downturn in Asia to end — and it will.

“We will weather the storm and come out better the other end.”