Abrdn's £6bn DFM arm to be sold to LGT for £140m

The DFM business, which has £6.1bn in assets under management and about 140 employees, will be absorbed into LGT Wealth Management. Abrdn Capital delivered £40m in revenue last year and serves about 4,000 clients. Abrdn said in a statement that in order to succeed long-term in the DFM market, the business would "need to build much greater scale", which would take focus from its strategy to concentrate on personal finance. However, Abrdn's Managed Portfolio Service business, which the firm described as "better aligned to its group strategy", will be carved out and retained within the...