Aberdeen Asset Management chief investment officer Anne Richards has landed a new top job at a rival investment firm.
Ms Richards, who has been on the board of Aberdeen since 2011, will become head of the asset management arm at the Prudential. She will take over the role of chief executive M&G after industry veteran Michael McLintock retires later this year.
Martin Gilbert, chief executive of Aberdeen said he was sorry to see her go as he led a warm tribute to his departing colleague.
In a statement, he said: “Anne has been an exceptional contributor to Aberdeen throughout her many years with the company.
“Her outstanding knowledge of the asset management industry and her proven abilities as a leader have played a key part in the growth of our business over the last 13 years. I would like to thank her for everything she has done for the company and wish her the very best for the future.
“While we are sorry to lose Anne we are also delighted that one of our colleagues should have been appointed to such an important role in the industry. Her appointment reflects well on Aberdeen and on the wealth of talent we have working at the company.”
Both M&G and Aberdeen have faced difficulties as Asian market turmoil has hit investor sentiment in funds run by both firms.
According to financial services adviser Tilney Best invest, both firms manage a number of so-called “dog funds” which have under-performed benchmarks due to exposure to global and Asian assets.
Ms Richards said:”It has been an honour for me to have been part of the success of Aberdeen Asset Management since 2003.
“This is a great company staffed by great people and, while I have decided it is the right time for me to pursue new opportunities, I’d like to offer Martin, the team and the company my very best wishes.”
Her various rols will be divided up. The job of head of Aberdeen’s solutions business, which covers multi-asset, alternatives and quantitative investment capabilities, will be taken over by Andrew McCaffery who is currently Global Head of Alternatives. Mr McCaffery will report to Hugh Young who already heads up the group’s equities, fixed income and property businesses. Andrew Laing, the group’s deputy chief executive, will take over responsibility for Aberdeen’s s operations in Europe, the Middle East and Africa.