(Bloomberg) -- Abrdn Plc is replacing the head of its asset-management unit in a wider leadership overhaul by the UK firm’s new Chief Executive Officer Jason Windsor.
Rene Buehlmann will leave the firm and will be succeeded by Chief Client Officer Xavier Meyer, Abrdn said in a statement on Tuesday. Singapore-based Buehlmann became sole CEO of the investments unit last year, following the departure of co-head Chris Demetriou.
The Edinburgh-based money manager named Richard Wilson, who heads retail broker platform interactive investor, as its new group chief operating officer. The company also formed a new operating committee, with a “clear focus on transforming the group’s performance,” according to the statement.
Windsor, who formally took charge about two months ago after serving as the interim CEO, is bringing about the changes at Abrdn to help reverse years of outflows, boost profit margins and galvanize a stock that’s slid 23% this year. The former Morgan Stanley banker and Aviva Plc executive succeeded Stephen Bird, who stepped down in May after attempting a turnaround with job cuts and cost savings.
In January, Abrdn announced plans for another round of job reductions to rein in costs and said it would eliminate roughly 500 roles, or 10% of its workforce, as part of a program it said would save at least an annualized £150 million.
Last quarter, clients pulled a net £3.1 billion ($3.9 billion), underscoring the challenges faced by Windsor.
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