Abrdn has confirmed it has “no desire” to replace its global head of private equity, or sell the division, after his departure.
Mark Redman has left the firm after less than two years in the post. During his time the business was spun into a separate division.
As a result of his exit, the leadership team of the private equity business will now report to Chris Demetriou, who is in charge of Abrdn’s investment teams across the UK, Europe and the Americas.
Redman was previously the global head of private equity with Ontario Municipal Employees Retirement System, where he started its European private equity operations.
The firm claims he left the business to pursue other opportunities and that the division would not be put up for sale.
A spokeswoman for Abrdn said: “Mark is an experienced and successful private markets investor and leader who leaves our private equity business positioned for the future.”
Last month, Abrdn chief executive Stephen Bird said he had no regrets about the controversial rebrand of Standard Life Aberdeen.
“I would 100% do it again - you’ve no idea how many people regard it as a good thing,” he told Financial News.
While dropping the vowels was met with ridicule across social media when the change was announced at the end of April last year, Bird said it has since made the group better recognised - pointing to brand research that shows abrdn has recently risen to become the second most recognised asset manager behind BlackRock.
He also explained that offloading the Standard Life brand to Phoenix was a key part of the financial services group's new strategy.
Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.
