This week, staff at Edinburgh-headquartered Abrdn were told 500 jobs would be cut as chief executive Stephen Bird embarks on a drive to save £150m in costs across the group.

The asset manager faces the same headwinds as many of its rivals in the sector — BlackRock and Baillie Gifford have also axed roles this month as they come under pressure to slash expenses and revamp their business models.

But with outflows of more than £12bn during the second half of last year, Abrdn has a tougher job than most to turn around its fortunes. Bird has said taking action is vital if the firm is to avoid a 'perilous' outcome.

Here's some of Financial News' coverage to bring you right up to date on the cuts:

Abrdn outflows top £12bn as group prepares to cut 500 jobs

Abrdn CEO Stephen Bird: Not cutting costs would be ‘perilous’

Abrdn’s CEO is paying the price for overpromising

It’s clear now Abrdn’s board was wrong, and Stephen Bird was right, about splitting up the business

Bird has been in the top job at Abrdn since 2020. He has also been trying to turn around fortunes for the asset manager through a shift in strategy. Here is how he has been trying to reposition the struggling business:

Abrdn’s René Buehlmann looks to revive investments arm: ‘It’s about zooming in on where you want to focus'

Abrdn CEO Stephen Bird: Closing Gars was the right thing to do

Abrdn acquires £2.6bn healthcare funds with Tekla Capital deal

Abrdn fires up digital assets push with Archax

Abrdn CEO: ‘I took over a business that had been in decline’

To contact the author of this story with feedback or news, email David Ricketts