Monday business round-up: Five key stories of the day

Quartermile 4, due for completion in April, is now fully let

Chip designer Cirrus Logic is to embark on a major office letting at Edinburgh’s Quartermile regeneration scheme. The Texas-based group, which acquired Edinburgh audio chip specialist Wolfson Microelectronics in 2014, is relocating from its existing premises in the city’s Murrayfield area to take four floors at Quartermile 4, spanning more than 70,000 square feet.

The move was announced as new research showed Scotland was left in the slow lane last year when it comes to investment in commercial property, suffering a double-digit drop compared with a rise across the UK. Property experts at Lambert Smith Hampton said the “political landscape” during 2015 may have affected the marketplace, after an 11 per cent slide on 2014’s total to just over £2.1 billion.

Anne Richards, chief investment officer at Aberdeen Asset Management, is to leave the fund manager this year to become chief executive of M&G Investments. Richards, who joined Aberdeen when it acquired Edinburgh Fund Managers in 2003, succeeds Michael McLintock at the helm of M&G, which is owned by insurance giant Prudential.

Law firm CMS appointed Aberdeen-based oil and gas lawyer Stephen Millar as its new managing partner. The University of Dundee graduate, who has been with the firm since 2003, joined its board in 2013 as practice group manager for energy, projects and construction. He will begin his four-year term at the start of May. Until then, London-based Duncan Weston will continue as managing partner.

Edinburgh-based oil and gas explorer Bowleven ditched plans to buy stakes in two Tanzania gas projects for up to $28 million (£19.6m). The Africa-focused firm said in November that it had signed a conditional heads of terms with Aminex to buy a 25 per cent interest in the Kiliwani North Development Licence, along with a 50 per cent interest in the “highly prospective” Ruvuma petroleum sharing agreement, but decided not to pursue its interest in the proposed acquisition “following the completion of due diligence”.