Short-sellers bet £220m on an Abrdn decline
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Shortsellers bet £220m on Abrdn fall: Hedge funds built up a bet after it fell to £320m loss
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Hedge funds have built a bet of nearly £220m against fund manager Abrdn after it fell to a loss of £320m.
More than 6.8 percent of the FTSE250 company’s shares have been lent to shortsellers who will make money if the share price falls.
Bet: More than 6.8 percent of the FTSE250 company’s shares have been lent to shortsellers who will make money if the share price falls
Citadel, GLG Partners and Millennium International Management are among the groups targeting Abrdn, whose share price has already fallen by more than a third this year.
In August, it reported a loss of £320 million in the first half of the year – down from a profit of £113 million a year earlier – and the investment performance of its fund managers has declined.
Earlier this month, the problems intensified when chief executive Stephen Bird was accused of harassing behavior. Abrdn – created by the £11 billion merger of Standard Life and Aberdeen Asset Management in 2017 – is valued at £3.2 billion.
Last year, the online platform bought Interactive Investor for £1.5 billion. Abrdn declined to comment.