Aberdeen Asset Management has appointed a north-east man to spearhead its new drive to take on America.
Aberdeen University law graduate David Steyn has been appointed head of Americas to lead the business on to the next level.
After buying the Scottish Widows Investment Partnership from Lloyds Bank last month – a deal which made Aberdeen the biggest fund manager in Europe – chief executive Martin Gilbert said he was turning his attention to the United States. Half the world’s assets under management are across the Atlantic.
After four successful years of running and developing Aberdeen’s business in the Americas, Gary Marshall will return to the United Kingdom, where he will continue to play a key role in the development of the business of the group. Mr Steyn will take over in January.
“The Americas business has matured and flourished under Gary’s able leadership,” Mr Gilbert said.
“I am pleased that we have found a successor of David’s calibre to ensure that we continue to meet the needs of our existing clients, which will allow us to develop further in this strategically-important market.”
Mr Steyn has more than 30 years’ experience in the investment industry, based in both the UK and US.
He served as global head of distribution at AllianceBernstein Holding LP, which he joined in 1999, from April 2007, and served as its chief operating officer from July 31, 2009 to 2012.
He ran both fixed income and equity investment teams in the UK and the US with organisations like Quaestor (from 1989 to 1999), Lazard (from 1986 to 1989) and Montagu (from 1979 to 1986).
Buying Scottish Widows, which manages more than £140billion on behalf of investors, gave Aberdeen assets of close to £350billion, making it the largest listed fund manager in Europe.
The huge deal marks a remarkable turnaround for the firm, which just 11 years ago faced financial ruin when the “split-cap” scandal pushed it to the brink of administration.
Lloyds has become the second-biggest shareholder in Aberdeen under the latest deal.
The tie-up will also see a range of Aberdeen’s investment funds sold through the bank’s 1,300 branches.