THE director who heads Aberdeen Asset Management's successful Asian investment operations has sold shares worth £4.5 million in the business.

The Scottish fund management giant said Hugh Young sold 1,316,967 shares at 339p each.

The shares were awarded to Mr Young under the company's bonus schemes for 2009, 2010 and 2011.

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Mr Young was granted further shares worth £3m in total on Monday as part of the 2012 bonus programme.

His total emoluments increased to £4,478,000 in 2012 from £4,240,000 in 2011.

The company's chief investment officer, Ann Richards, sold shares worth £1.4m on Monday.

The total paybill for Aberdeen Asset Management's five executive directors increased to £13.5m in 2012, from £13m in 2011.