LONDON Martin Gilbert, the chief executive of blue chip fund firm Aberdeen Asset Management, has sold just over 4 million pounds' worth of the company's shares, following strong gains over the past year.
Gilbert sold 1 million shares at 403.5 pence per share on Friday, Aberdeen said in a statement. He still holds more than 5.4 million shares and has a conditional entitlement to more than 2.3 million more, depending on performance.
The company said he sold the shares "for portfolio diversification."
Aberdeen's shares have almost doubled since the end of 2011, boosted by strong inflows of new client money, particularly into its Asia Pacific funds.
Last month, the firm said clients added 1.1 billion pounds of new money to its funds in the three months to end-December, helping lift assets to 193.4 billion pounds.
Separately on Friday the firm said it would impose a 2 percent initial charge on some of its emerging markets fund to try and limit investor inflows.