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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.”


FSA taking closer look at split-cap &#39magicians&#39

The FSA has stepped up its probe into the split-capital investment trust sector by formalising its investigation of alleged collusion between a number of fund managers.Following preliminary inquiries which began in May, the regulator has written to around a dozen investment firms in a move to determine whether a “magic circle” of fund managers colluded […]

MM staff honoured in ABI awards

Money Marketing won the award for life insurance and pensions trade publication of the year for the second time running at the ABI&#39s annual Financial Media Awards last week.The ceremony at the Royal Lancaster Hotel in London honoured both past and present MM staff, with former deputy news editor Rachel Stevenson, now with the Independent, […]

Brave new world of defined-contribution pensions

The Pensions Management Institute is holding a seminar on defined contribution plans on October 30 in central London.The seminar, which is aimed at pensions professionals and finance or HR directors, will provide an update on the issues surrounding defined contributions and how plans are being used to meet the needs of employers and employees.Speakers will […]

Widows faces policyholder complaints

Scottish Widows is denying that a complaint brought by a group of disgruntled policyholders has anything to do with differential treatment of guaranteed annuity rate holders. Widows says it is happy to meet with the Ombudsman to discuss the issue.

Responsibility Matters

The latest update from the Sustainable Investments Team at Royal London Asset Management, Responsibility Matters, is now available. In this edition the team look at issues such as the growing acceptance of sustainable investing and technology in China. Read the update here: The value of investments and the income from them is not guaranteed and […]


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