News Brief: Top stories of the week
Abrdn revealed net outflows, shrinking assets under management and falling profits in its 2023 annual results, published on Tuesday.
The firm has put in place a "transformation programme" aimed at restoring the investments business to an "acceptable level of profitability".
Asked about the impact of job cuts on staff morale, Abrdn chief executive Stephen Bird says that any active management firm that "is not changing and not reforming as a modern investment company is going to have more problems than morale". Jessica Tasman-Jones reports.
Stewardship professionals have warned that BlackRock's decision to "keep one foot in, one foot out" of an investor-led engagement initiative is "risky".
BlackRock announced earlier this month that it has pulled out of Climate Action 100+ as a corporate member but remained a signatory through its international business.
This came after the initiative started requiring members to pursue emissions reductions in investee companies, rather than just seek disclosure on such goals.
"BlackRock's announcement seems like a formal recognition that they are riding two horses at once," says a stewardship expert. Amie Keeley has the story.
Pictet and Redwheel are reducing fund settlement times from two days, referred to in the industry as T+2, to one day, or T+1.
This comes as the US is reducing the settlement time for US equities and corporate bonds to T+1 on May 28.
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Funds that invest in affected securities do not want to have "too much or too little" cash to fund securities trades or investor redemptions. But experts are "surprised" more funds have not reduced their settlement times. Jessica Tasman-Jones has more.
Chart of the week: UK fund launches fall as firms tighten belts
UK fund launches fell for the fourth consecutive year in 2023 due to tighter resources and firms taking a more "strategic" approach to product development, Ed Moisson reports.
Other top stories
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