Aberdeen Asset Management announced the appointment of Mr. Andrew Smith and Mr. Bev Hendry as Co-heads of its business in the Americas, reporting directly to Chief Executive Martin Gilbert. Andrew and Bev will be based in Philadelphia, the firm’s headquarters in the Americas. The announcement was made this afternoon by Martin at the annual Aberdeen Investment Conference in New York City.
As previously announced, Gary Marshall, current Head of Americas, is returning to the United Kingdom, to serve as Chief Executive of Aberdeen’s recent acquisition, Scottish Widows Investment Partnership (subject to regulatory approval). During his four and a half years in the role, the business in the Americas region nearly doubled from $40 billion to $78 billion in assets under management.
Martin Gilbert, Chief Executive of Aberdeen Asset Management, comments: “Andrew’s and Bev’s combined expertise, experience and knowledge means they are well placed to lead Aberdeen’s business in the Americas, an important region for us. We have institutional, wholesale and closed-end fund investors located across the U.S., as well as significant footprints in Canada and South America. Our diverse range of investment capabilities in the equities, fixed income, property, alternatives and multi-asset investment areas means that we are positioned to continue to build our presence in the Americas.”
Bev Hendry is returning to Aberdeen from Hansberger Global Investors in Fort Lauderdale, Florida, where he has worked for six years as Chief Operating Officer. Bev established Aberdeen’s business in the Americas in Fort Lauderdale, moving from his home city of Aberdeen, Scotland, in 1995; he first joined Aberdeen in 1987. He left Aberdeen in 2008, when the company moved to consolidate its headquarters in Philadelphia, choosing to remain in Fort Lauderdale with his family. His return to his Aberdeen roots now that his family has grown, is a very welcome development for the firm. Bev is a Chartered Accountant and will serve as Co-head of Americas and Chief Financial Officer for Aberdeen’s business operations in the Americas.
Andrew Smith has been acting deputy to Gary Marshall during Gary’s tenure as Head of Americas, and Chief Financial Officer and Chief Operating Officer for Aberdeen’s Americas business. Having seen considerable growth in that business, it is appropriate that Aberdeen now split the two roles. Andrew will be Co-head of Americas and Chief Operating Officer for Aberdeen’s Americas business. He joined Aberdeen in 2000 via the acquisition of Murray Johnstone, a Glasgow-based fund manager, where he was operating in a senior capacity in that firm’s U.S. business. Originally from Glasgow, Scotland, Andrew has been living in the United States for 16 years; 4 of those were in Fort Lauderdale where he and Bev previously worked together.
Andrew and Bev will divide the various Head of Americas responsibilities between them, ensuring a clear allocation of duties while maintaining close cooperation and coordination. They will alternately chair Aberdeen’s weekly Executive Committee in the Americas.
Aberdeen has successfully integrated the Scottish Widows Investment Partnership (SWIP) team in the Americas. The SWIP acquisition, which was completed earlier this year, adds approximately $4 billion to the assets managed by the North American Fixed Income team.
Aberdeen is a global asset management group. Formed out of a management buy-out in Aberdeen, Scotland, in 1983, Aberdeen is a FTSE 100 company operating on-the-ground in over 23 countries across Europe, Asia and the Americas.