The fund manager has recruited Richards from Merrill Lynch Investment Managers where she was managing director of the Alpha team, managing $15bn of funds for large segregated pension funds, charities and unit trusts.
Richards will join Edinburgh in the summer to take over the position vacated by Mike Balfour last October. The troubles that have dogged Edinburgh culminated in a recent takeover approach by Hermes Pensions Management. However, discussions between the two parties collapsed last month.
Edinburgh hopes that the appointment of Richards will add some stability to the group, which has seen its profits and share price fall sharply in recent months.
The fund manager reported a decline in funds under management of 18% for the year to January 2002. This performance has been reflected in its share price. At the beginning of March Edinburgh's share price was above 550p; since then the price has plummeted 26% to 410p at the close yesterday (Thursday).
* Investec Asset Management has appointed Mark Samuelson as global head of institutional business development and Gitu Panjabi as head of UK institutional marketing.
Samuelson, who has been at Investec for 10 years, will report to Hendrik du Toit, chief executive of Investec Asset Management.
Before working at Investec, Panjabi spent six years at Barclays Global Investors, where she was involved in developing and marketing the first exchange traded fund in the UK.