M&G hires Aberdeen’s Richards as new CEO

M&G Investments has hired Aberdeen’s CIO Anne Richards as its new CEO, to replace Michael McLintock.

M&G hires Aberdeen’s Richards as new CEO

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Richards will take up her role later this year. She has been CIO at Aberdeen since 2011, and joined the emerging market fund manager group in 2003 when it acquired Edinburgh Fund Managers. In addition to her role as CIO she has been responsible for operations in EMEA and joined the board in 2011.

Prior to Aberdeen Richards held senior roles at JP Morgan Investment Management and Mercury Asset Management.

Richards’ role as head of Aberdeen’s solutions business which include covering multi-asset, alternatives and quantitative investment capabilities, will be taken over by Andrew McCaffery, currently global head of alternatives.

Aberdeen’s deputy chief executive Andrew Laing will take over the running of Aberdeen’s EMEA operations.

McLintock, who is retiring after 19 years at M&G, said: “I have loved running M&G, but after 19 years I feel strongly that it’s time for a change. M&G is a special business. I would like to thank all of my colleagues for their support and hard work over so many years.” During McLintock’s nearly two decades at M&G the firm’s assets under management grew to close to £250bn.

Martin Gilbert, chief executive of Aberdeen, said: “While we are sorry to lose Anne we are also delighted that one of our colleagues should have been appointed to such an important role in the industry. Her appointment reflects well on Aberdeen and on the wealth of talent we have working at the company.”

As an emerging markets-focused firm, Aberdeen Asset Management has suffered 11 quarters of net fund outflows, and recently topped Tilney Bestinvest’s latest ‘Spot the Dog’ report. Richards’ move is the latest in a string of recent departures from the firm, including Mark HarrisJohn Brett and Roger Cornick.

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