UK-quoted fund manager Aberdeen Asset Management has put on hold plans to expand its hedge fund business, prompting the resignation last week of Andrew McCaffery, its head of absolute return strategies.
A spokesman for Aberdeen, which manages assets worth more than £100bn (â¬128bn), mainly in long-only funds, said the current market conditions were not conducive to the launch of a multi-strategy absolute return fund and the company had shelved plans to do so. He said McCaffery preferred to look for an employer that would be more determined about expanding in this area and had decided to step down amicably.
