AssetCo chair Martin Gilbert has been asked to step down from the board of two abrdn funds over potential conflicts of interest.
abrdn said Gilbert had left his role on the board of two of the company's SICAVs because of his positions in other asset management firms. The company said that Gilbert's departure was not a result of the company's alleged failures in anti-money laundering processes at its Luxembourg arm. The Sunday Times reported yesterday (9 October) that more than 20 institutional clients' accounts had been following an audit at the firm's Luxembourg subsidiary, which revealed missing documentation for some clients in two of its SICAVs European umbrella funds. abrdn plans £500m shareholder pay...
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