Abrdn has announced that it is combining its UK and European equity teams, in a change that will see some senior departures.
Former head of European equities Ben Ritchie will now lead the 20-strong team, while Andrew Millington - previously head of UK equities - will become equity head of research and investment process.
Standard Life European Equity Pension fund manager Kay Eyre and Abrdn European Sustainable Equity fund manager Jonathan Allison are among the five people leaving, along with European equity manager Jonathan Fearon and investment analyst Peter Silver.
They all reported to investment director Lesley Duncan, who is also departing. She managed the UK Ethical Equity and the UK Sustainable and Responsible Investment Equity funds.
Four junior members of the equity taking on portfolio management responsibilities, as part of a strategy to promote talent from within.
“As a result of our continuous focus on our clients’ needs and a commitment to investment excellence, we have made a strategic decision to evolve our approach in our equities business and create a single, unified UK and European equity team,” read a statement from abrdn.
It continued that the move should bring a greater focus on existing strengths in sustainable, income, value and thematic investing, alongside more targeted ESG engagement and stewardship.
“Having joined the firm in 2002, Ben Ritchie brings deep investment and leadership experience across the full breath of the region’s equity markets, and his appointment delivers continuity and stability,” said a spokesperson.
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