Abrdn hits out at 'corporate bullying' over name change
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The writer who covers business news for BBC News.
A higher-up at an investment company that has been around for hundreds of years claimed that the press is engaging in "corporate bullying" following the company's decision to rebrand as Abrdn.
Three years ago, the organization that manages assets changed its name from Standard Life Aberdeen. The new name is shorter and the vowels have been removed.
Peter Branner, the chief investment officer, expressed disapproval regarding the way the media was making jests about the alteration. Branner deemed the jokes to be unsophisticated and immature.
According to him, it would be immoral to handle a person similarly.
During an interview with the publication Financial News, the individual expressed their understanding of the unfortunate fact that some corporations try to intimidate the press. They also commented on the childishness of repeatedly harping on a minor issue such as the absence of vowels in the company's name.
In response to the situation, the Financial Times posted a message that said "Leave Abrdn alone" using abbreviated words, while City AM made an apology on their front page stating "Abrdn: an apology - sorry we keep taking the piss out of your missing vowels."
The collective of funds came into existence when Standard Life and Aberdeen Asset Management joined together in 2017, resulting in a merger worth £3.8bn ($4.8bn). The roots of this group date all the way back to 1825. However, in 2021, the group changed its name after selling its British and European life insurance division, as well as giving up the Standard Life name to a smaller competitor, Phoenix Group.
Abrdn has enlisted the help of branding agency Wolff Olins to assist with its rebranding, but the company has faced criticism from some individuals who claim that their name suggests an "irritable vowel syndrome".
Financial News reported that Mr. Branner expressed his concern about the unethical practice of mocking companies and their names. He raised the question of how we would feel if somebody teased us regularly, and suggested that the same ethical principles should apply to businesses too.
There are some changes in names that have received a lot of negative feedback. Elon Musk experienced this when he changed Twitter's name to X back in the past year. In addition, it caused a big controversy when Royal Mail was about to change its name to Consignia in 2001.
A representative from Abrdn commented that they acknowledge the responsibility of the press to form their own evaluations on the businesses they choose to report on, as mentioned by Peter during his interview.
