Richards to leave Aberdeen Asset Management
01 February 2016 London
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Aberdeen Asset Management chief investment officer Anne Richards is set to leave the firm to run M&G Investments.
Richards, who will assume her new role later this year, will replace M&G Investments CEO Michael McLintock, who is retiring.
Previously, Richards was chief investment officer and joint managing director of Edinburgh Fund Managers, which was acquired by Aberdeen in 2003. She joined the board in 2011.
The move marks the latest of several role changes within asset management firm, which suffered a shareholder revolt on 27 January 2016 due to recent poor performance.
Andrew McCaffery, currently global head of alternatives, will take on Richards’s role as head of the Aberdeen’s solutions business.
Hugh Young, head of global equities, will also become head of investments.
At the same time, Aberdeen chairman Roger Cornick is to retire in September, to be replaced by current board member Simon Troughton.
Aberdeen posted negative returns for 11 consecutive quarterly results and confirmed that investors and sovereign wealth funds had pulled out £9.1 billion worth of funds.
The firm put the losses down to turmoil in emerging and Asian markets, as well as spiralling oil prices.
Richards, who will assume her new role later this year, will replace M&G Investments CEO Michael McLintock, who is retiring.
Previously, Richards was chief investment officer and joint managing director of Edinburgh Fund Managers, which was acquired by Aberdeen in 2003. She joined the board in 2011.
The move marks the latest of several role changes within asset management firm, which suffered a shareholder revolt on 27 January 2016 due to recent poor performance.
Andrew McCaffery, currently global head of alternatives, will take on Richards’s role as head of the Aberdeen’s solutions business.
Hugh Young, head of global equities, will also become head of investments.
At the same time, Aberdeen chairman Roger Cornick is to retire in September, to be replaced by current board member Simon Troughton.
Aberdeen posted negative returns for 11 consecutive quarterly results and confirmed that investors and sovereign wealth funds had pulled out £9.1 billion worth of funds.
The firm put the losses down to turmoil in emerging and Asian markets, as well as spiralling oil prices.
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