Aberdeen LIC ousts portfolio manager

The board of Aberdeen Leaders Limited (ALR) will remove Aberdeen Asset Management as its investment manager, following a decision to internalise management functions.

ALR said Aberdeen will remain as its manager until January. ALR chair Brian Sherman said the decision was made so as to deliver "increased efficiencies for shareholders," adding that he thanked Aberdeen for its role "in the ongoing success of ALR in delivering income and capital growth."

Aberdeen chief executive Brett Jollie said both Aberdeen and ALR had enjoyed a "long and successful relationship."

Because of this decision, the Aberdeen representative on ALR's board, Mark Daniels, has stepped down from his role.

In an ASX statement, ALR said it is currently "finalising the terms of appointment of relevant portfolio management personnel. Further details regarding the internalisation of the management of the company, and relevant portfolio management personnel to be appointed, will be provided to shareholders over the coming weeks."

ALR added that it does not expect the investment strategy for the company to change as a result of this decision.

Read more: ALRAberdeen Asset ManagementAberdeen Leaders LimitedAberdeen LICBrett JollieBrian ShermanMark Daniels
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