Working for a Shrinking Asset Manager Is No Fun
The logic that compelled Standard Life and Aberdeen to merge is still persuasive. Now CEO Stephen Bird needs to capitalize on it.
The man for the job.
Photographer: Brent Lewin/Bloomberg
Webster’s dictionary defines bipolarity as “characterized by two directly opposing opinions, natures, etc.” Three years after the mega-merger that created Standard Life Aberdeen Plc, it’s still trying to cure itself of just such an affliction. New chief executive officer, Stephen Bird, needs to get the firm pulling in a common direction.
Since taking over at the start of September, Bird worked quickly to demarcate the U.K. asset management company’s businesses into four areas — global asset management, fund adviser platforms, strategic partnerships, and retail savings and wealth. Each division has its own leadership and, importantly, growth targets. With the relentless industrywide pressure on fees and income showing no signs of abating, a shrinking asset manager can rapidly become an unviable one.