Abrdn’s global head of private equity has left the company after less than two years and will not be replaced.
The departure of Mark Redman has fuelled speculation that the asset manager is considering selling its private equity business, which it spun out into a separate unit last year to profit from the boom in private equity deals.
The separation in 2020 of the private equity business at Abrdn from property and infrastructure investment was designed to give it a more effective operating model with a focus on taking equity stakes in companies.
Under Stephen Bird, a former Citigroup banker, Abrdn has pushed deeper into retail and commercial property investment. When Bird joined in 2020 he said he wanted to increase investment in private companies.
The company said it had “no desire” to sell the private equity business and that Redman had left the company to pursue other opportunities. The private equity leadership team will now report to Chris Demetriou, who oversees Abrdn’s investment teams across the UK, Europe and the Americas.
Before joining Abrdn, Redman was global head of private equity at Ontario Municipal Employees Retirement System, one of Canada’s biggest pension funds, where he started its European private equity operations.
