Standard Life Aberdeen global head of distribution Campbell Fleming is leaving the firm at the end of the month following a shake-up of its leadership team by recently-appointed chief executive Stephen Bird.
Bird, a Citigroup veteran, has been reviewing the business since he joined the firm earlier this month to replace CEO Keith Skeoch who stood down after 14 years as a director at the firm.
SLA said the review focused on aligning the company to meet the changing needs of customers and clients and better position for growth over four business areas: asset management, adviser platforms, savings and wealth, and strategic partnerships.
Additions to leadership team
As part of the review, Fleming (pictured) is stepping down, but SLA global sales director and head of EMEA distribution Alex Hoctor-Duncan, Standard Life Savings CEO Noel Butwell, 1825 CEO Julie Scott and Aberdeen Standard Capital CEO Richard Charnock will join Bird’s leadership team.
In a statement, SLA said Fleming has “led the company’s growth agenda and created a scalable distribution platform since the merger of Standard Life and Aberdeen Asset Management in 2017”.
Bird said: “Campbell has made an enormous contribution to Standard Life Aberdeen and previously to Aberdeen Asset Management. His tireless leadership, vision and insight have positioned the company for future growth and I am hugely grateful to him and wish him well.”
Stephen Bird shapes his team
Fairview Investing investment consultant Ben Yearsley said “it feels like there is no one left from Aberdeen now”.
“It was a merger, now it feels like SLI has the upper hand. However, whenever a CEO comes on board there is always a senior management reshuffle, so no surprise really.”
AJ Bell head of active portfolios Ryan Hughes said whenever a new CEO is appointed there is inevitably a couple of casualties and it is clear Bird has decided he wants a slightly different group of people at the top.
“It feels like this is just a case of the new guy shaping his team,” he added. “There’s not any new recruitment, so there’s also possibly an element of cost cutting at the end of the day.”
Fleming says its been a privilege
Fleming joined Aberdeen Asset Management in August 2016 from Columbia Threadneedle Investments, where he was the chief executive – EMEA and Global COO, having joined the firm in November 2009 as global head of distribution.
Before that, he worked at JP Morgan Asset Management as head of UK and prior to that, for financial services regulators in the UK and Australia as well as the Attorney General’s department in Sydney, where he completed his legal training.
Fleming said: “It’s been a real pleasure and privilege over the last few years having achieved so much together. I wish Stephen, my colleagues, and Standard Life Aberdeen every success in building a better future for all , especially our clients and customers.”
The announcement follows the departure of UK equities manager Louise Kernohan who it was announced last week had joined BNY Mellon Investment Management to run two UK equity mandates.
It also follows the closure of the UK Recovery fund after a run of poor performance and its largest investor deciding to redeem their holding.
