Abrdn’s boss has picked up a 26 per cent pay improve to £2.1million – even because the fund supervisor slashes lots of of jobs and suffers an investor exodus.
Chief govt Stephen Bird’s pay on the fund supervisor for 2023 included £1.1million in bonuses, 68 per cent up on the 12 months earlier than.
That was regardless of one other 12 months of losses for the beleaguered enterprise – though at £6 m these had been smaller than the £612million in 2022. Abrdn suffered internet outflows of £13.9billion, up from £10.3billion.
Bird mentioned that the broader business had been hit by the ‘higher for longer’ rate of interest atmosphere.
Pay rise: Abrdn boss Stephen Bird earned £2.1m on the fund supervisor for 2023
Abrdn has suffered from years of shoppers pulling out money and a plunging share worth after it was fashioned from a merger between Aberdeen Asset Management and Standard Life in 2017.
Back then, the mixed firm was price £11billion and had £670billion of belongings underneath administration.
Since then, its worth has shrivelled to lower than £3billion and it now manages belongings of lower than £500billion.
Bird, who took over in 2020, is making an attempt to show across the firm’s fortunes by chopping jobs – with a cull of 500 introduced final month – in addition to lowering its vary of funds.
The firm has additionally been increasing into mass market retail investing, shopping for on-line platform Interactive Investor in 2022.
Yesterday, Bird insisted that his plan was working, saying the corporate was ‘better positioned for future growth’.
Shares gyrated wildly on the outcomes, rising almost 8 per cent in early buying and selling earlier than heading down and ending the session off by 3.3 per cent, or 5.3 p, to 156.2 p.