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Abrdn looking to offload private equity arm

Abrdn is prepping to sell its private equity funds business as part of CEO Stephen Bird’s ongoing efforts to turn the asset manager’s fortunes around.

The FTSE 100 firm has already hired investment bankers to find a buyer for the £14bn division, according to Sky News, and Rothschild has been appointed to oversee the process.

Abrdn has declined to comment.

The sale, which insiders predict could take up to several months, would represent the latest major change under Bird (pictured), who has been attempting to streamline the businesss.

Since taking the reins of what was then called Standard Life Aberdeen in July 2020, the fund group has jettisoned several non-core businesses, including its adviser platform Parmenion, while acquiring companies to enhance its digital capabilities, such as Finimize and wealthtech platform Nucoro, which it acquired a stake in last month.

Its most significant deal by far was acquiring Interactive…

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