Standard Life Aberdeen director sells £650k of shares

Standard Life Aberdeen director sells £650k of shares

A long-serving director of Aberdeen has sold a significant quantity of shares in the combined company Standard Life Aberdeen.

Andrew Laing is currently joint head of integration at company, having previously been deputy chief executive of Aberdeen Asset Management prior to the merger.

A regulatory filing shows he sold 173,715 shares in Standard Life Aberdeen on 28 February.

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The shares were options granted to him in 2009, 2010, and 2011.

The sale price of the shares was £3.72. That yielded Mr Laing around £646,000.

Standard Life Aberdeen’s share price has drifted downwards since the companies completed the merger in August 2017, at which time the shares were £4.27.

Mr Laing sold his shares at £3.72, at present they are £3.62.

The company suffered a blow at the end of February when Lloyds Banking Group withdrew around £109bn of assets its Scottish Widows subsidiary had managed by Standard Life Aberdeen. The company said that equates to around one fifth of its total assets under management, but only 5 per cent of revenue.

That happened and was announced to the market prior to Mr Laing selling his shares.