Aberdeen Asset Management chief executive Martin Gilbert cashes in

 
Emma Haslett
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Gilbert sold the shares as part of a deferred remuneration package (Source: Getty)

Aberdeen Asset Management executive directors including chief executive Martin Gilbert and deputy chief executive Andrew Laing have cashed in on the company's highest share price in six months by selling off just over three million shares.

Gilbert's sale of 1.3m shares at 461p netted him just over £6m, although he still holds £24m of shares. Laing sold 173,600 shares at the same price, raking in just over £800,000.

Finance director Bill Rattray, chief investment officer Anne Richards and group head of equities Hugh Young all cashed in.

After its final-year results, posted on Monday, showed profits before tax had edged up to £490.3m in the year to the end of September, from £482.7m last year, Aberdeen's share price closed yesterday at 462.5p, its highest since June this year.

The company said the disposal involved deferred shares awarded to executive directors as part of their remuneration packages.

A significant proportion of bonuses earned are paid in shares that are released in equal tranches over subsequent years. Directors therefore may choose to sell some of the shares they have accrued from time to time. These sales should not be interpreted as conveying a view on the group’s performance or its outlook and all the directors involved remain long-term investors in Aberdeen shares and products.

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