Abandoned in favour of name holding advantage (8)
I believe the answer is:
forsaken
'abandoned' is the definition.
('forsake' can be a synonym of 'abandon')
'in favour of name holding advantage' is the wordplay.
'in favour of' becomes 'for' (I've seen this before).
'name' becomes 'n' (common abbreviation e.g. on forms).
'holding' indicates putting letters inside.
'advantage' becomes 'sake' (both can mean benefit).
'for'+'n'='forn'
'forn' enclosing 'sake' is 'FORSAKEN'.
(Other definitions for forsaken that I've seen before include "Abandoned; renounced" , "Helpless" , "Left abandoned and deserted" .)