He will be succeeded by Jason Windsor, currently group chief financial officer, on an interim basis while a formal search for a permanent replacement is conducted.

Mr Windsor will focus on the execution of the group’s strategy and transformation plans, and Mr Bird will work alongside him until 30 June – the four-year anniversary of his appointment.

Sir Douglas Flint, chairman of abrdn, said: “On behalf of the board, I want to thank Stephen for everything he has achieved at abrdn over the last four years.

“He joined us as the pandemic took hold and, despite the restrictions this imposed, spearheaded a fundamental reshaping of the company, leading from the front to create a company that can be competitive in a fast-evolving sector.

“Adapting the inherited business model to be capable of generating sustainable and profitable growth required strategic vision, intense hard work and the courage to make tough but necessary decisions.

“While this was underway, Stephen took time to assemble the talent needed to execute successfully on his strategic vision and he passes on to them, with confidence, the responsibility to execute the next stage of our transformation. We owe him a great debt of gratitude and wish him well in the next phase of his career.

“Jason brought significant and relevant leadership experience to abrdn and since his arrival last year has made a strong start. The board looks forward with confidence to working with him in his new role as our interim group CEO.”

Mr Bird said: “It has been a privilege to lead abrdn through an intensely challenging time in our industry and I am grateful to my colleagues for their support and commitment to serving our clients with distinction.

“I leave the company well positioned, having embedded greater diversification of revenues, retained a strong capital position and, most importantly, developed a refreshed leadership team which is ready and eager to take on the challenge of realising abrdn’s full potential.”