Peter McKellar, Aberdeen Standard Investments' global head of private markets, is adding real estate to his remit and Neil Slater is taking on a new role as his deputy head, with the launch of a "collective private markets franchise" to boost the Edinburgh-based firm's more than £60 billion ($74.7 billion) business in the sector.
Mr. McKellar said Tuesday in a news release that structural change and an evolving market environment have found investors increasingly allocating to non-public market assets, making it crucial "to have a fully integrated approach ... to deliver the right solutions to clients."
Aberdeen Standard aims to become "a full-service provider able to deliver flexible solutions for clients," according to the news release.
Mr. McKellar and Mr. Slater will take on their new roles in October.
In addition, Mr. Slater, who currently serves as CEO and representative director of Aberdeen Standard's Japan business, has been named the firm's global head of real estate.
In that role, Mr. Slater succeeds current global co-heads David Paine and Pertti Vanhanen, who "are stepping down from their roles," the news release said.
Messrs. Paine and Pertti couldn't be reached immediately for comment.
Mr. Slater will relocate to Edinburgh from Tokyo.
In a separate news release, Aberdeen Standard announced it has hired Ken Yajima to replace Mr. Slater as CEO and representative director of its Japan business, starting in October.
Mr. Yajima previously served as head of distribution for Schroders Japan. A spokesman for Schroders couldn't immediately be reached for comment.
In the news release, Hugh Young, Aberdeen Standard's head of Asia Pacific, called Japan a "strategic priority" for the firm.
As of June 30, Aberdeen Standard managed £525.7 billion worldwide.
