Aberdeen Asset Management chief executive Martin Gilbert (pictured) has used the proceeds of a share sale to buy farmland in Angus.
Gilbert sold 500,000 shares in Aberdeen on 26 September at around 306.8p netting him £1.53 million.
The disposal comes after he sold a £2.5 million stake in the business earlier in this year as he looks to diversify his portfolio following the strong performance of Aberdeen’s shares. The firm closed last night on 308.5p, just shy of its 12-month high of 311.3p.
Gilbert believes farmland is one of soundest investments at the moment. A spokesperson for Aberdeen said: ‘I believe Martin feels that land is a good long term investment, particularly given no one can make more land.’
Gilbert continues to hold around 2.3 million shares in Aberdeen.