Gilbert sells £771,000 of AAM shares

Published on 03/04/2012 00:00

ABERDEEN Asset Management chief executive Martin Gilbert has sold shares in the fund manager worth £771,000 and plans to reinvest the money in portfolios run by the group.

The move comes just a week after Aberdeen posted a bumper trading update. Gilbert sold 300,000 shares from his pension fund at 257p each for “portfolio diversification”, the FTSE 100 company.

A spokesman for the firm said that a significant portion of the equity component of the chief executive’s pension fund was in the company’s shares, and that he planned to invest the proceeds in a range of funds. Last week, Aberdeen said clients had invested £1.4 billion of new money into its funds.