Staff were told this morning that there would be no further job losses in the wake of the decision.

Yesterday, Scottish Financial News reported that the firm had announced a cost cutting programme targeting an annualised cost reduction of at least £150 million by the end of 2025.

The firm has said it plans to cut 500 roles within its business. This move aims to restore the firm’s core investments business to an acceptable level of profitability and allow for incremental reinvestment into growth areas.

A spokeswoman for Edinburgh-headquartered abrdn told the Press and Journal the decision to close the Aberdeen base around the end of March was unconnected.

She added: “Like many companies, we have been rationalising our property footprint as working practices have evolved over recent years. There is no associated impact on jobs for our Aberdeen-based colleagues and we will continue to have a team based in the north-east.

“We are working closely with our colleagues to help them transition to the new working arrangements and they will continue to play an important role across multiple departments within the company.”

The firm currently owns the building it occupies at 10 Queen’s Terrace, Prince Arthur House.

Martin Gilbert, cofounder and former chief executive of Aberdeen Asset Management, added: “Clearly this is a sad day for the business to have to make these changes, a decision which I am sure will not have been taken lightly.

“I well remember cofounding Aberdeen Asset Management in 1983 and moving into the office at 10 Queen’s Terrace. It will always have a place in my heart.”