Aberdeen Asset Management has promoted Graham Duce and Aidan Kearney as co-heads of multi-manager investments, following the departure of Michiel Timmerman this week.
Timmerman, who was Aberdeen’s chief investment officer (CIO) for multi-manager, joined Aberdeen earlier this year from RBS Asset Management. This move brought together the long-only and fund of hedge fund businesses from both Credit Suisse and RBS.
As co-heads of multi-manager investments, Duce and Kearney oversee a 40-strong team. The duo are responsible for Aberdeen’s £13.5 billion long-only multi-manager and fund of hedge funds portfolios.
Prior to the promotion, they were co-heads of the multi-manager fund business that they brought with them following Aberdeen’s acquisition of selected fund management assets from Credit Suisse. (article continues below)
Now their expanded remit covers the long-only multi-manager and funds of hedge fund portfolios acquired from RBS earlier this year. Aberdeen says they will ensure that the core investment values are maintained.
They report to Anne Richards, the head of alternative investment strategies and CIO.
A spokesperson for Aberdeen says the group is committed to the alternative space and the fund of hedge fund business.
“As that business grows, we will be recruiting more people but we won’t be recruiting straight away,” he says.
Aberdeen declined to comment on whether it was planning to hire one or several of the multi-managers who have left other groups and not yet revealed their next moves, including Keith Speck, Dean Cheeseman and Oliver Sonnbichler.