Asset manager Abrdn has decided to revert to its original name, Aberdeen, following widespread mockery over the removal of nearly all the vowels from its name under its previous CEO.
The decision, which marks a shift back to the company’s roots, comes four years after it adopted the Abrdn brand following the sale of Standard Life.
During that period the Edinburgh-based firm accused media of “corporate bullying” and making “childish” jokes about the rebrand.
The new name was meant to unify the business by consolidating five different brand names under one identity.
However, the move was met with widespread criticism and mockery.
Returning vowels ‘pragmatic decision’
In a statement today, chief executive Jason Windsor confirmed the name change to Aberdeen Group was effective immediately and marked a new phase for the company.
“This is a group to be proud of, with a promising future,” he said.
“We will deliver by looking forward with confidence and removing distractions.
“To that end, 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.”
The CEO announced the change alongside bumper financial results for Aberdeen Group.
Strong financial performance and future growth
The company’s financial performance for 2024 showed a strong return to profit, reporting a pre-tax profit of £251million for the year, a significant recovery from the £6m loss recorded in 2023.
This marked the first profit growth in three years for the group.
The results demonstrated positive growth in several key areas. The company’s adviser arm saw operating profit rise by 7%, reaching £126m. However, the adviser segment experienced net outflows of £3.9 billion, an increase from £2.1 bn in 2023, as higher withdrawals impacted the business.
Looking to the future, Aberdeen Group has set ambitious growth targets for 2026. It aims to increase adjusted operating profit to at least £300m, an 18% rise from 2024 levels.
The London-listed company, which employs 5,000 people globally, closed its Aberdeen office last year, with its 90 employees then asked to work from home.
At the time, it announced 500 job cuts as part of cost reduction of at least £150 million by the end of 2025.
The company’s “transformation” programme included the removal of management layers, “increasing spans of control” and implementing further efficiencies in outsourcing, technology, and reducing overheads in group functions and support services.
The former office in Aberdeen’s West End then went up for sale at £1.275 million.
Stock surge following announcement
Aberdeen Group’s share price jumped up by 12% following its name change announcement and strong 2024 results posting.
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