LONDON, Jan 23 (Reuters) -
British fund manager Abrdn is poised to cut hundreds of jobs, a source familiar with the matter told Reuters, as it seeks to improve its fortunes after years of outflows of client funds.
Abrdn is planning to cut around 10% of its workforce of nearly 5,000 people, the source said. The planned cuts were first reported by Sky News.
The fund manager is due to publish a trading update on Wednesday that will update investors on flows and trading for the second half of 2023, the company has said.
Abrdn's CEO Stephen Bird has been pursuing a turnaround plan to try to improve the company's ailing performance, including cutting costs and expanding into mass-market investing through the acquisition of interactive investor.
Shares in Abrdn were up 0.1% at 1205 GMT at 178.1 pence. (Reporting by Eva Mathews in Bengaluru and Iain Withers in London; Editing by Saumyadeb Chakrabarty, Kirsten Donovan)