Aberdeen Asset Management’s group head of property Andrew Smith has left the firm “by mutual consent”.
Smith ended his tenure 10 days ago, before Aberdeen confirmed its £660m takeover of rival Scottish Widows Investment Partnership on Monday.
A spokesman for the company said his departure was unrelated to the acquisition.
Smith’s role will be split between between Aberdeen’s head of fund management, property, Pertti Vanhanen who will become group head of property, and Russell Chaplin, chief executive officer of the property division.
Vanhanen will be responsible for the business side of the property division, whilst Chaplin will continue to focus on the investment side.
Vanhanen will join the group management board with Chaplin as his alternate.
A statement from Aberdeen said: “Andrew Smith has left Aberdeen Asset Management by mutual consent to pursue opportunities elsewhere in the industry.”
“We are grateful to Andrew for his efforts in running the division over recent years and wish him well for the future.”
Vanhanen was appointed as head of fund management, property in 2011, with responsibility for the strategic development of Aberdeen’s property products and processes globally.
He joined Aberdeen in 2002, initially as managing director of Aberdeen Property Investors Finland, following the company’s major expansion into the market.
Chaplin joined Aberdeen in September 2010 from UBS Global Asset Management where he was global real estate strategist.
Aberdeen will acquire SWIP for an initial share payment valued at around £560m and a further deferred cash payment of £100m.
See this week’s Estate Gazette for more.
bridget.o’connell@estatesgazette.com
