(Bloomberg) -- Standard Life Aberdeen Plc decided it was the vowels holding it back.
One of the U.K.'s largest asset managers is changing its name to Abrdn -- pronounced “Aberdeen” -- in a bid to attract a younger client base by mimicking the naming approach of some startups. In a major rebrand complete with its own video, the company created by a 2017 mega-merger announced the new name Monday.
The rebranding is “modern, dynamic and, most importantly, engaging,” Chief Executive Officer Stephen Bird said in a statement. “Our new name reflects the clarity of focus that the leadership team are bringing to the business.”
Twitter was quick to disagree.
The rebranding will begin in the summer and progress through the rest of the year. The merger of Standard Life and Aberdeen Asset Management in 2017 was intended to help it grow quickly to compete with the industry's heavyweights. Then co-CEO Martin Gilbert said at the time that the firm had the chance to join the $1 trillion club.
Instead, investors have pulled money every year since the tie-up, and assets under management and administration have declined to 535 billion pounds ($745 billion). Bird, who joined the money manager from Citigroup Inc. in September, has said he wants to turn the almost 200-year-old firm into a 21st century competitor.
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