7.7 C
London
Saturday, May 8, 2021

Aberdeen abandons Es to become Abrdn in multi-million pound makeover

Must read

UK Time Newshttps://www.uktimenews.com
UK Time News is your daily dose of Latest News, Entertainment, Music, Fashion, Lifestyle, World, Cricket, Sports, Politics, Tech, Business News Website. We provide you with the Latest Breaking News Straight from the UK & all around the World on different categories.

S

tandard Life Aberdeen, a large fund manager at the heart of the financial establishment, today opposed the letter “e” in a multi-million pound upheaval that renamed it “Abrdn”.

The new name will be part of a “modern, nimble and digital brand,” said managing director Stephen Bird, who also changes his name to Stphn, pronounced “Stephen,” said a City wag.

Standard Life was founded in 1825 and manages £ 460 billion on behalf of investors large and small. He joined the stock market in 2006, a move that in itself sent shock waves through the reassured Scottish financial community.

He didn’t go into more detail on why E’s withdrawal from Aberdeen would achieve those goals, and the move has been the subject of further mockery online.

He says there will be “a comprehensive stakeholder engagement plan” to “manage the transition”.

Bird said, “Our new name reflects the clarity of direction the leadership team brings to the company as we seek to generate sustainable growth.”

Other famous corporate name changes have seen Andersen Consulting become Accenture, Philip Morris become Altria, and Jerry’s Guide to the World Wide Web become Yahoo.

The company said its new name would still be pronounced “Aberdeen,” but the name change would make it modern and nimble.

“We have six brand names and six websites. So we will solve this problem, ”he said. Since then, the six have been reduced to five, having sold one of the brands.

“Our new name reflects the clarity of priorities that the leadership team brings to the business as we seek to generate sustainable growth.”

The rebranding will start rolling out over the summer and progress through 2021, the company said.

But profits plummeted, and Mr Bird said the business had not turned out to be greater than the sum of its parts.

“Standard Life Aberdeen needed to adjust its branding, but the new name Abrdn will likely leave investors dazed and confused,” said Laith Khalaf, financial analyst at AJ Bell.

“Investors need simple fund names that are recognizable among the thousands of investments available, and having a brand name that you can actually tell, even if it’s just in your head, is a big help. .

He added: “While the Abrdn brand may be specifically designed for the digital world, it seems far from ideal for the real world.

“A full stakeholder engagement plan is promised and don’t be surprised if stakeholders ask for a few vowels, please, Carol.”

.

More articles

15,129FansLike
4,596FollowersFollow

Latest article