LONDON (Reuters) – Veteran investor Martin Gilbert will leave Standard Life Aberdeen (SLA.L) subsequent yr, ending a profession spanning greater than three a long time on the helm of one in all Britain’s most profitable asset managers.
FILE PHOTO: The workplaces of Standard Life Aberdeen in Saint Andrew Square Edinburgh, Scotland, Britain February 15, 2019.REUTERS/Russell Cheyne/File Photo
The 500 billion pound ($613 billion) fund agency stated former co-chief govt Gilbert, presently vice-chairman, wouldn’t search re-election to the board at its annual assembly in May and would leave in September.
Gilbert oversaw the meteoric rise of Aberdeen Asset Management, the small firm he co-founded in 1983 with simply 50 million kilos in belongings, to what grew to become the nation’s largest listed fund agency on the time of its 11 billion pound merger with Standard Life in 2017.
Touted as a robust tie-up of two of Scotland’s largest monetary companies firms, Gilbert and Standard Life peer Keith Skeoch initially shared the function of chief govt, regardless of some discontent from shareholders.
The uncommon association grew to become a deeper downside, although, as persistent share worth underperformance on the again of heavy outflows of shopper money and broader company upheaval linked to the merger drew requires change.
Former HSBC Chairman Douglas Flint was drafted in to lead the board and in March this yr Gilbert stepped down from his function as co-CEO to turn into vice chairman.
“It has been an incredible journey, almost unimaginable from the earliest days when we were just three people in one office in Aberdeen,” Gilbert stated. “I will leave the company in extremely good hands, and well positioned for further growth and prosperity.”
At 0724 GMT, shares in SLA had been down 1.4%, barely underperforming a 1% fall within the FTSE 100 .FTSE.
Until his departure, SLA stated Gilbert would proceed to concentrate on strengthening relationships with purchasers, successful new enterprise and realizing the potential of its international community.
His key shopper, business and regulatory relationships can be transferred to Flint and different executives.
The 64-year-old golf fan stated he nonetheless harbored “a great enthusiasm for growing and guiding businesses” and was trying ahead to “fresh challenges” within the subsequent stage of his profession.
The Financial Times reported in July that Gilbert was in line to take up a job as chairman of digital financial institution Revolut.
The financial institution declined to touch upon Wednesday.
Reporting By Sinead Cruise; modifying by Simon Jessop and David Evans