Abrdn’s asset-backed securities team has undergone a number of changes with fund managers Scott Duggal and Janaka Nanayakkara set to depart the firm.
Management of the firm’s floating rate ABS fund will transfer to Ben Goodsell by the end of Q1 this year, who will be supported by analyst Renato Falco.
In a statement, an Abrdn spokesperson said: “Abrdn’s overarching corporate strategy is to ensure that our best-in-class investment capabilities can be delivered to clients in a scalable, efficient manner.
“Given the relatively niche aspect of the ABS strategy and trends in the UK institutional investment landscape, we have made some changes to the ABS team.”
Meanwhile, Martin Barnewell, investment director on the Abrdn commercial real estate lending team, will join the multi-sector private credit (MSPC) portfolio management team this month.
He joins Marianne Zangerl, head of ESG, fixed income and Andrew Dennis, head of private placements, as co-portfolio managers of the MSPC fund.
The changes are the latest in a series of overhauls to the firm’s offerings since Abrdn chief executive Stephen Bird took over the firm in September 2020.
Back in August 2022, Bird said the firm will close or merge ‘non-core, subscale, or duplicative’ funds in a bid to cut net costs.