Abrdn is preparing to offload its private equity fund arm, as part of ongoing the streamlining strategy implemented by chief executive Stephen Bird.
Sky News reports that the asset management group has hired investment bank Rothschild to find a buyer for the division, which managed nearly £14bn in assets at the end of last year.
Bird joined Standard Life Aberdeen two years ago, making several changes since - one of the first being the controversial name change to abrdn.
Structural moves have been aimed at simplifying the group, exiting what were deemed non-core businesses and focusing on areas in which it already has scale.
To add to its market dominance, several large acquisitions have been made, the biggest being the £1.5bn takeover of Interactive Investor, cementing abrdn as one of the UK's top direct-to-consumer investment providers.
Abrdn is set to report its half-year results next month, which are likely to reflect volatile equity markets and continued fund outflows.
The business managed close to £550bn in assets at the end of last year.
Abrdn declined to comment.
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