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's 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's not surprising because his position had become untenable. I dont 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'm sure a lot of investors will be happy that he is gone.”