AssetCo chair Martin Gilbert has been asked to step down from the board of two abrdn funds over potential conflicts of interest.
abrdn said Gilbert had left his role on the board of two of the company's SICAVs because of his positions in other asset management firms.
The company said that Gilbert's departure was not a result of the company's alleged failures in anti-money laundering processes at its Luxembourg arm.
The Sunday Times reported yesterday (9 October) that more than 20 institutional clients' accounts had been following an audit at the firm's Luxembourg subsidiary, which revealed missing documentation for some clients in two of its SICAVs European umbrella funds.
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A spokesperson for abrdn said: "We are working with a small number of clients in our Luxembourg business to resolve a historic issue relating to documentation. We maintain a routine of regular engagement with the relevant regulators who have been kept informed throughout."
Regarding Gilbert's departure, the company said: "Contrary to the recent media report, Mr. Gilbert was requested to step down from both abrdn's US and Luxembourg fund boards due to potential conflicts of interest given his involvement with businesses that compete with abrdn and funds managed by it."
abrdn also said Gilbert had stepped down from the boards of comparable fund structures managed by the company in the US earlier this year.
AssetCo has been contacted for comment.
