Abrdn changes name back to Aberdeen and swings back to profit
Abrdn has rounded out a bumper year with a return to profit and a total revamp of its brand.
The company announced it will change its name back to Aberdeen as it begins the search for its next chairman, who will succeed Sir Douglas Flint.
Group chief executive Jason Windsor said: “We are changing our name to Aberdeen group plc.
“This is a pragmatic decision marking a new phase for the organisation, as we focus on delivering for our customers, people and shareholders.”
This marks the second rebrand for the firm, after former boss Stephen Bird, who stepped down in May 2024, led the change to Abrdn in 2021.
After removing its vowels, the company became a target for mockery, and the firm made accusations of “corporate bullying.“
Windsor said the firm does not intend to change its stock exchange ticker, which will remain ‘ABDN. ‘
However, the company will begin to use ‘Aberdeen’ as its principal trading identity.
A return to profit
Despite this, the Scottish assets management firm’s full-year profit was up, hitting £251m, compared to the £6m loss in 2023.
The firm cited gains on the sale of its European-headquartered Private Equity business, which generated £92m, and a decrease in restructuring costs as key drivers of the result.
At its investment arm, total assets under management rose by 3 per cent to £511bn over the year.
Customers pulled a net £1.1bn from its funds last year, down from £17.6bn in 2023.
The group’s investment returns improved, with more funds beating their benchmarks.
The company’s boss said: “The group grew profit in 2024 for the first time in three years, with each business increasing its contribution.
“As our momentum shifts to growth, we have a clear focus on improving client experience and shareholder returns.
“We have strengthened and streamlined our senior leadership team and, with our sharper focus, we are committing to better results again in 2025”.