- A 200-year-old asset manager has added the ‘e’s back to its name after it was widely mocked.
- abrdn is now aberdeen after the company’s 2021 rebrand was ridiculed.
- The company’s CEO said the move would help in “removing distractions” and mark a new chapter.
From Flickr to Grindr and Tumblr to The Weeknd, dropping an “e” has long been a way to signal youth and energy. But a 200-year-old investment firm that jumped on the trend has reclaimed its vowels after facing widespread mockery for joining the e-free club.
Standard Life Aberdeen rebranded as abrdn in 2021 under previous CEO Stephen Bird, proclaiming it was part and parcel of being a “modern, agile, digitally-enabled brand.” The decision sparked cackles at a straight-laced financial group seemingly trying to be cool and hip.
Nearly four years after that decision, it’s rebranded once again as aberdeen, reinstating its three “e”s but stopping short of embracing a capital letter.
CEO Jason Windsor wrote in the company’s annual report on Tuesday that the move was aimed at “removing distractions,” and it was a “pragmatic decision marking a new phase for the organisation.”
The group’s chief investment officer, Peter Branner, bemoaned the criticism of its shortened name as “corporate bullying” in an interview with Financial News last year. He derided the “childish jokes” and questioned whether those poking fun would do the same to a person.
The asset manager reported a 6% fall in adjusted net operating revenue to the sterling equivalent of $1.68 billion last year. Adjusted operating profit rose 2% as aberdeen reduced its adjusted operating costs by 7%.
The company’s stock price jumped 9% in London on the news, taking its year-to-date gain to about 26%. It still trades about a third lower than when it changed its name the last time.
Many corporations have changed their names over the years, often to herald a new strategic direction. For example, Weight Watchers rebranded in 2019 as WW after more than 50 years in business, and Dunkin’ Donuts became simply Dunkin’ the same year.
Back in 2002 PricewaterhouseCoopers Consulting rebranded as Monday, but was acquired by IBM shortly afterwards.
