Abrdn facing allegations of anti-money laundering failures while boss has been accused of intimidation and aggression
Abrdn is facing allegations of anti-money laundering failures while its boss has been accused of intimidation and aggression.
The funds giant, which just weeks ago tumbled out of the FTSE 100 for the first time, was missing documentation for some clients in its Luxembourg arm.
This led to the company having to freeze the accounts of more than 20 institutional clients, The Sunday Times reported.
Trouble at the top: Several current and former employees have accused Stephen Bird, Abrdn’s chief executive, of aggressive and intimidating behaviour
The mishap comes as several current and former employees have accused Stephen Bird, Abrdn’s chief executive, of aggressive and intimidating behaviour.
He has been tasked with improving the group’s performance, as Abrdn has failed to impress since it was formed in 2017.
A spokesman said Bird had been forced to make ‘difficult decisions… not all of [which] are popular, nor can they be’.
The spokesman said Luxembourg was ‘a historic issue relating to documentation’.
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