Fishwick keeps board seat at Aberdeen trust
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Your support makes all the difference.Chris Fishwick, the fund manager who left Aberdeen Asset Management with a £1.9m payoff despite many of the split capital investment trusts he ran collapsing into receivership, has been asked to stay on the board of one of its funds.
Mr Fishwick promised to resign from the seven boards on which sat when he announced his decision to leave Aberdeen in October last year.
The chairman of Aberdeen's Smaller Companies Fund, which is worth £28.9m, however, has asked Mr Fishwick to stay on as an independent director. Fred Carr said he wanted to retain Mr Fishwick's services because of his expertise in stockpicking. His reappointment will be subject to shareholder approval.
Mr Fishwick has already stepped down from three boards.
He acted as a representative of Aberdeen, the fund manager running the trust's assets. The FSA has now moved to end this practice so trust boards are independent of their management company.
Mr Fishwick is still at the centre of an FSA inquiry into split capital investment trusts, which were marketed as low risk while they were actually highly geared to the stock market. The regulator is also looking at whether fund managers colluded in a "magic circle" to invest in each other's trusts.
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