View more on these topics

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.”

Recommended

Independent view

I noticed Plimsoll has recently published a very interesting report. For those of you who do not know Plimsoll, they are the firm who get all the information from Companies House about firms in our industry and print them in a very well presented bound guide and then try to sell the guide to us […]

Simple guide to the health of the investment

We would like to correct any impression that Azarat&#39s new service (Osiris) (MM, September 26) focuses solely on return of capital or indeed that a “red status” necessarily implies a bond will fail to return capital.The green, amber and red indicators are supplementary to the full Osiris reports and are meant as a simple guide […]

Moore&#39s code

For the IFA community, attacking Standard Life has for years been all but unthinkable.This, after all, is the institution that has continued to support independent advisers, both large and small, while many competitors have treated them as an increasing irrelevance, with some actively colluding in efforts to hasten the demise of the humble high street […]

Tiner tips trees as best way to sell suite

The most realistic way of distributing the new Sandler stakeholder suite of products is through a decision tree approach, according to FSA managing director John Tiner.Tiner outlined three possible distribution options at the seminar. He said the FSA favours a filtered approach aimed at screening out consumers for whom the products are inappropriate. The other […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment