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Multi-asset manager quits Aberdeen after Standard merger

Multi-asset manager quits Aberdeen after Standard merger

Aberdeen Asset Management has suffered its first fund manager departure following the announcement of its planned merger with Standard Life, with Fiona Gillespie, senior investment manager on its multi-asset division leaving. 

Gillespie managed the firm's Multi-Asset fund after joining Aberdeen through its acquisition of Edinburgh Fund Managers in 2003.  Over one year, she returned 22.2% in the Mixed Assets - Aggressive GBP sector, ahead of the average manager return of 19%.  

Aberdeen's multi-asset team is viewed as vulnerable as the two companies look for £200 million merger savings given that Standard Life Investments has a clear lead in this area with its £26 billion Global Absolute Return Strategies (Gars) fund.

This is not the first departure following the £11 billion deal with Standard Life Investments' equity boss David Cumming already jumping ship. 

An Aberdeen Asset Management spokesperson said: 'Fiona told us of her wish to pursue other interests at the end of last year. Her responsibilities have been shared across our Aberdeen Solutions and Multi-Asset teams, incorporating over 70 investment professionals.

'Heather McKay, senior portfolio manager, will work alongside Mike Turner in managing the Aberdeen Multi-Asset Fund. We are immensely grateful to Fiona for her contribution over the years and wish her well for the future.'

Mike Turner is a co-manager of the former BlackRock Income Solutions trust which Aberdeen recently took over and re-named Aberdeen Diversified Growth and Income (ADIG) investment trust.

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