AAM investment boss nets £6.4m

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Anne Richards, the chief investment officer of Aberdeen Asset Management (AAM), has sold £6.4 million of shares in the fund manager.

The firm said Richards, who was joint managing partner at Edinburgh Fund Managers when it was acquired by AAM in 2003, offloaded two tranches of shares in recent days for “tax planning and portfolio diversification purposes”.

Along with the sale of more than 290,000 shares at 466.3p each on 31 May, it said she sold a further stake of 1.1 million shares at 457.3p each on Monday.

Richards, who is also head of Europe, the Middle East and Africa at AAM, still holds 500,000 shares, worth about £2.3m, and is due to receive almost one million more as part of its deferred bonus arrangements.