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Aberdeen CEO sells shares worth $1.2 mln
April 2, 2012 / 2:30 PM / 5 years ago

Aberdeen CEO sells shares worth $1.2 mln

* Firm says Gilbert to reinvest money in Aberdeen funds

* Aberdeen posted strong inflows last week

By Laurence Fletcher

LONDON, April 2 (Reuters) - The chief executive of Aberdeen Asset Management has sold 771,000 pounds ($1.23 million) of his shares in the fund firm and plans to reinvest the money in Aberdeen-run portfolios, just a week after the company posted a bumper trading update.

Martin Gilbert sold 300,000 shares from his pension fund at 2.57 pence each “for portfolio diversification”, the FTSE 100 company said in a statement on Monday.

An Aberdeen spokesman said that a “significant” portion of the equity slice of Gilbert’s pension fund is in Aberdeen shares, and that he planned to invest the proceeds from the sale of the shares in a range of funds run by Aberdeen.

Analysts at Singer Capital Markets said in a note last week that Gilbert had joked over lunch the previous week that things were ‘going as well as they ever have done - the only way is down’.

Aberdeen has been among a number of fund firms, including Polar Capital, Jupiter and Liontrust, to report inflows recently.

Last week it said that clients had invested 1.4 billion pounds of new money into its funds, as risk appetite recovered in a strong first quarter for equity markets, lifting its assets under management to 184.4 billion pounds.

In contrast, Henderson, F&C and Man Group have all posted client withdrawals recently.

Gilbert still owns or is entitled to a total of more than 6.7 million shares in Aberdeen.

At 1352 GMT Aberdeen’s shares were up 0.1 percent at 257.25 pence, while the FTSE 100 was up 0.4 percent.

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