Abrdn Shares Rise After Share Buyback Program Announced
2022.07.06 16:20
By Scott Kanowsky
Investing.com — London-listed shares in Abrdn PLC (LON:ABDN) jumped by more than 7% on Wednesday after the U.K. asset manager unveiled a new £300 million share buyback program.
In a statement, the company said the first part of the plan will start with a share repurchase of £150 million, set to last until the end of 2022. Goldman Sachs International will manage this phase of the program.
The move comes as chief executive Stephen Bird, who entered the job in 2020, targets cost cuts and new acquisitions in a broader push to revamp the group.
Bird has overseen a number of recent deals, including the purchases of trading platform Interactive Investor and investment advice service Finimize.
Abrdn, which changed its name from Standard Life Aberdeen last year, has seen its market value slide since the beginning of 2022.
