Aberdeen Asset Management said its chief investment officer Anne Richards (pictured) will leave the company later this year to become chief executive of M&G Investments, the UK and European asset management arm of Prudential.

Aberdeen said Richardson’s role as head of the company’s solutions business — covering multi-asset, alternatives and quantitative investment capabilities — will be taken over by Andrew McCaffery who is currently global head of alternatives.

McCaffery will report to Hugh Young who already heads up the group’s equities, fixed income and property businesses.

Andrew Laing, Aberdeen’s deputy chief executive, will take over responsibility for the group’s operations in Europe, the Middle East and Africa.

Richards joined Aberdeen when it acquired Edinburgh Fund Managers in 2003. She joined the board in 2011 and, as well as her role as chief investment officer, has been responsible for operations in Europe, the Middle East and Africa.

“Anne has been an exceptional contributor to Aberdeen throughout her many years with the company,” said Martin Gilbert, Aberdeen chief executive.

“Her outstanding knowledge of the asset management industry and her proven abilities as a leader have played a key part in the growth of our business over the last 13 years.

“I would like to thank her for everything she has done for the company and wish her the very best for the future.

“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.”