Pru investment arm boss awarded notional shares

Anne Richards, who took over the Prudential’s investment arm M&G Investments this month after leaving Aberdeen Assest Management, has been awarded five tranches of notional shares to compensate her for unvested awards she missed out on when she left her role at AAM.

Ms Richards became chief executive of M&G Investments when she replaced Michael McLintock on 7 June when he retired after 19 years at the helm.

Mr McLintock had headed M&G since 1997 and oversaw its acquisition by Prudential in 1999.

According to reports, Ms Richards has been granted an option entitling her to receive cash equal to the market value of the notional shares on the date of exercise, less 5p per share.

A Prudential board member on a salary of £400,000, she will be able to cash in a notional 162,478 shares during five one-month periods from December 2016 to December 2020.

She could earn as much as 600 percent of her pay as a bonus.

At yesterday’s share price the options are worth £220,726.

Aberdeen named Andrew McCaffery, currently global head of alternatives, to take over Richards’s role as head of its solutions business. He will report to managing director Hugh Young.