Aberdeen Chief Investment Officer Leaves for Top M&G Job

Anne Richards, Aberdeen's CIO, will be leaving later this year in order to take up the role of CEO at M&G. She will take over from Michael McLintock who is retiring

Jeremy Beckwith 1 February, 2016 | 4:37PM
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M&G has announced that Anne Richards, Global Chief Investment Officer at Aberdeen Asset Management, will take over from Michael McLintock as their Chief Executive Officer later this year. McLintock is retiring after nearly two decades at the helm of M&G. At Aberdeen, Richards was not responsible for the management of any funds and therefore we have not changed any ratings on the basis of her impending departure. This is, though, another setback at the corporate level for Aberdeen, where poor performance in recent years has led to consistent heavy outflows from their funds.

What Does this Mean for Investors?

Anne Richards joined Aberdeen in 2003 from Edinburgh Fund Managers and joined the Aberdeen board in 2011. Her title at Aberdeen is Global Chief Investment Officer and Head of the EMEA Region; she is a senior executive of Aberdeen, a FTSE 100 company that has grown through acquisition in recent years.

Richards is not actively involved in the day-to-day management of any Aberdeen fund, nor is she prominent in the formation of Aberdeen’s investment strategy at any Aberdeen offerings with Morningstar Analyst Ratings. At this time, therefore, we are not changing the Morningstar Analyst Rating for any Aberdeen funds on the basis of her planned departure.

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Jeremy Beckwith  is Director of Manager Research for Morningstar UK