Jonathan Polin, managing director at Aberdeen, resigned from the group on Tuesday to join HSBC Asset...
Jonathan Polin, managing director at Aberdeen, resigned from the group on Tuesday to join HSBC Asset Management as head of intermediary business.
HSBC recently parted company with its head of intermediary sales Mike Smith, who left to join Gartmore. Polin's role will be to rebuild the HSBC's intermediary sales team and re-establish it as a serious mainstream investment player in the eyes of intermediaries.
It is a task made more difficult by the departure during the summer of five members of the UK and European equity teams to Cazenove, among them Tim Russell. Polin, until now managing director for Aberdeen Unit Trust Managers' sales in UK and Europe, will also be responsible for all intermediary marketing at HSBC.
Aberdeen's sales team has diminished substantially in the past two months. Across the UK, Middle East and Europe, some 14 people have departed from the sales and marketing division, effectively a 50% cut in resources.
At the start of November, Aberdeen announced it was to sell off the majority of its property division, which it had spent the past three years building up. Up to 70% of Aberdeen Property Investors is to be sold in the first quarter of 2003. The aim is to raise more than £100m and use this to reduce the group's £250m in bank borrowings.
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