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Head of Aberdeen investment trusts resigns

Chris Fishwick, the head of investment trusts at beleaguered Aberdeen Asset Management and one of the architects of the split-cap sector, is to resign in December.

Fishwick, who oversaw Aberdeen&#39s 19 split-caps – four of which have been liquidated or are in receivership – and was on the board of 10 of its trusts, is expected to receive a pay off of around £350,000.

He had been expected to resign after the FSA completes its formal investigation into collusion in the split-cap sector. But IFAs say investors will welcome his decision to leave earlier.

Chelsea Financial managing director Darius McDermott says: “It&#39s not surprising because his position had become untenable. I don’t know how much of a part he played in creating the so-called magic circle but he would have been privy to any collusion between the managers. I&#39m sure a lot of investors will be happy that he is gone.”

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