Investment firm Abrdn to cut hundreds of jobs to boost profits

About £8 in every £10 that Abrdn will look to save will go through in cost savings that benefit its investments arm, which in the six months to the end of December “continued to face structural headwinds”, the business said.

It added that money had flowed out of the industry across the world as global politics made investors jittery.

The cost-cutting will include removing management layers, making outsourcing and technology more efficient, and much of the saving will come from support services.

It will cost the business about £150m to carry out the cost-cutting and most of it will happen this year.

The firm has also confirmed that it is to close its Aberdeen office, with all 90 staff being asked to work from home instead.

A spokesperson said there would be no impact on job numbers and the move related to “evolving working practices” in recent years.

The Queen’s Terrace office will shut in March.