William Hemmings, head of investment companies at Abrdn, will retire at the end of November after 20 years heading up the firm’s substantial stable of trusts, Citywire has learned. 

Abrdn’s 18 investment companies will come under the helm of Christian Pittard, who was director of corporate finance and head of listed funds, a position he has held since February 2015.

Pittard’s new position as head of closed end-fund and managing director of corporate finance will see the asset manager continue the significant consolidation efforts of its stable of trusts.

‘Christian has significant experience of closed-end funds and will also continue to have responsibility for Abrdn’s closed-end fund M&A,’ a spokesperson from Abrdn said. ‘This brings together our existing closed-end client relationships and M&A activities.’

Abrdn-run trusts have been busy with corporate activity.

Last week Abrdn Smaller Companies Income (ASCI ) and its stablemate and largest shareholder Shires Income (SHRS ) recieved shareholder approval for a merger. In October Abrdn New Dawn (ABD ) investors approved its merger with stablemate Asia Dragon (DGN ) and Abrdn Japan completed its three-way merger with Nippon Active Value (NAVF ) and Atlantis Japan Growth. 

Meanwhile, Abrdn Latin American Income is in the process of being liquidated and Abrdn Diversified Income Growth (ADIG ), which had looked to merge or sell its assets, is offering an ‘enhanced distribution programme’ as it deemed it would lose signfiicant value if it sold off its private market assets at this stage. 

The latest move from an Abrdn-run trust came on Monday as Abrdn European Logistics Income (ASLI ) hoisted the ‘for sale’ sign ahead of its crucial continuation vote next year.

Pittard will report to Xavier Meyer, chief client officer and head of UK and EMEA.

A spokesperson from Abrdn thanked Hemmings, who had been with the firm for 32 years, for his ‘considerable contribution’ and ‘wish him the best for his retirement’. 

The investment management firm said it had hired Ben Heatley as head of closed-end fund sales at the beginning of the month. Heatley joins from Nimrod Capital, which has advised and raised money for ten investment companies including Crystal Amber (CRS ), Doric Nimrod Air Two (DNA2 ) and Doric Nimrod Air Three (DNA3 ).

Heatley will report into Fergus McCarthy, head of UK investments wholesale distribution. 

Abrdn is closing its investment trust saving plans in December offering customers the option to redeem or to transfer to Interactive Investor or another share-dealing platform.

‘As the third largest manager globally of closed-end funds, the appointments demonstrate our commitment to this area as we continue to expand and invest capital targeted at the closed-end fund business,’ the spokesperson said.