Aberdeen chief Gilbert sells £4m stake in group

Aberdeen Asset Management’s chief executive Martin Gilbert has sold 1 million shares in the asset manager, worth over £4m.

Gilbert (pictured), who sold the shares last week at a price of 403.5p per share, still holds a further 5.45m shares – about 0.4% of the company – alongside an entitlement to a further 2.37m shares in deferred bonuses.

Gilbert, who was a founder of Aberdeen back in the 1980’s and led it to its listing in 1991 under the name Aberdeen Trust PLC, sold the shares in order to diversify his portfolio, the company said.

Shares in the group have enjoyed a stellar year alongside peers in the asset management space.

Having traded at around 260p this time last year, shares have surged over 50% as demand for equities boosted the groups assets under management.

Last week the group moved to stem flows into its sought after emerging markets range, by moving to introduce a 2% initial charge on the portfolios.

 

This article was first published on Investment Week

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