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Aberdeen's Hemmings takes over as F&C's Tigue leaves AIC board

Aberdeen's Hemmings takes over as F&C's Tigue leaves AIC board

Jeremy Tigue has stepped down from the board of the Association of Investment Companies (AIC) and will be replaced by William Hemmings, Aberdeen Asset Management head of closed-end funds.

Tigue (pictured), manager of the £2 billion Foreign and Colonial Investment Trust and F&C's head of global equities, has been one of the 12 AIC board members for the past nine years.

An AIC spokeswoman said the nine-year term meant members could not be re-elected.

Speaking about his appointment,Hemmings said: 'I am very pleased to join the AIC board, at a time of significant change for closed-end funds.

'There are undoubtedly considerable opportunities ahead as we broaden the shareholder base of the sector, but at the same time, investment companies face considerable regulatory challenges.'

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Profile: The opportunity set that attracted Brett Williams to wealth management

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