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Aberdeen split-cap architect Fishwick resigns

Chris Fishwick, the head of investment trusts at fund manager Aberdeen Asset Management and one of the architects of the split-capital investment trust sector, has resigned.

Fishwick, who was responsible for Aberdeen&#39s 19 split-caps – four of which have been liquidated or are in receivership – and was on the board of eight of its trusts is expected to get a payoff totalling £350,000 when he leaves in December.

The move comes just days after the FSA decided to formalise its investigation into whether fund managers colluded to prop up share prices in the split-cap sector, in which Aberdeen is the biggest player.

Calls for Fishwick to quit intensified following his failure to attend a Treasury select committee hearing in July, at which MPs grilled Aberdeen chief executive Martin Gilbert, who refused to accept responsibility for the plight of investors.

Chelsea Financial managing director Darius McDermott says: “I do not know how much of a part Fishwick played in creating the magic circle or whether he was privy to any collusion. I am sure a lot of investors will be happy he is gone.”

An Aberdeen spokeswoman says: “Chris will play a full role in any inquiry or investigation.”

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