Abrdn names new chief executive after ‘very thorough’ search process

Scottish funds giant Abrdn has promoted from within after a “very thorough process” to find a new chief executive.

Jason Windsor, previously the firm’s chief financial officer, has been appointed to the top job, subject to regulatory approval. His basic salary has been set at £800,000.

In May, Abrdn said it had begun the search for a new boss after announcing that Stephen Bird was stepping down after a four-year tenure that included a controversial rebranding of the Edinburgh-headquartered investment group. Windsor was appointed as interim group chief executive while a formal search process was undertaken.

Jason Windsor was previously the fund firm’s chief financial officer.

The firm said that the succession process had been supported by an external search firm, which resulted in the board considering a number of candidates for the role, both internal and external.

Unveiling Windsor as the new CEO, chairman Sir Douglas Flint said: “Jason emerged from what was a very thorough process as the unanimous choice of the board to lead Abrdn in its next phase. He has made a huge impression both internally and externally since he joined Abrdn, particularly as someone whose actions evidence he cares deeply about our clients and customers and our people. I very much look forward to working with him as our new CEO.”

Windsor, who spent more than a decade with Aviva, said: “I am honoured to have been chosen to lead Abrdn. I see significant headroom in each of our three core businesses, with the potential to generate a step-change in performance for our clients and customers, and for our shareholders.

“My job now is to work with the talented team at Abrdn to realise this opportunity and to build a more efficient, growing business with a culture that sustains long-term success,” he added.

Ian Jenkins will continue in the role of interim group chief financial officer. A search process for a permanent appointment into the group CFO role will now be commenced, the firm added.

The move comes amid a turbulent time for the funds heavyweight, which rebranded to Abrdn from Standard Life Aberdeen in 2021. The rebrand, created by London agency Wolff Olins, divided opinion when it was announced, with one analyst at the time saying it was likely to leave investors “feeling dazed and confused”. Insurer Phoenix Group acquired the Standard Life Assurance business in 2018 and, in 2021, bought the iconic Standard Life brand.

During his tenure, Bird undertook a sweeping overhaul of the funds business, including axing some 500 jobs. The firm has also made some key acquisitions including buying investment platform Interactive Investor.

Last month, Abrdn reported that net operating revenue for the first half was down 7 per cent year on year to £667 million, while adjusted operating profit was broadly flat at £128m. It notched up an IFRS pre-tax profit of £187m, from a loss of £169m on the same basis 12 months previously, with an interim dividend per share flat at 7.3p.

Analysts at Panmure Liberum noted: “The range of expectations for interim results was wide, which has not necessarily helped Abrdn in the past, but the outcome is – across most lines of business – a bit better than might have been feared.”