19 August 2022Insurance

Abrdn stands behind R&Q, brings Spiegel minority support to 20%

Global asset manager abrdn threw its weight behind current management at  Randall & Quilter insurance as forces line-up and face-off following a challenge to the leadership of CEO William Spiegel (pictured).

"We support the current executive chairman, William Spiegel, and believe that the strategy outlined is appropriate" for the legacy and program management divisions, abrdn's senior investment director for UK and European equities Thomas Moore said.

"We have not seen a valid argument to justify the distraction which would arise from a change in management, and believe the stability of Spiegel’s leadership is especially important after a year of change.”

R&Q's Spiegel has thus collected neighbourhood 20% shareholder support for his leadership after Phoenix Asset Management, holding some 12%, called for his ouster in an open letter to shareholders.

That still may be well short of forces lined up on the other side of the barricades. Brickell, once a would-be buyer of R&Q with a 23% stake before the deal fell apart in acrimony, has reportedly lined up with Phoenix on the matter.

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More on this story

18 August 2022   Investor Vida Capital said any change would be counterproductive.
22 August 2022   The move is part of R&Q’s ongoing plans to enhance its board composition.
23 August 2022   Slater Investments throws its 11.7% stake behind incumbent following leadership tweaks.