End of an era as Gilbert signs off at funds giant SLA
● Aberdeen Asset Management founder plans to leave group by September 2020
Martin Gilbert is to step down from Standard Life Aberdeen after almost four decades with the financial giant and one of the two businesses that formed it, Aberdeen Asset Management.
Gilbert plans to quit his roles as vice chairman of Standard Life Aberdeen (SLA) and chairman of Aberdeen Standard Investments next year.
The move follows recent speculation that he was planning to leave the board to become chairman at Londonbased digital bank Revolut.
In an announcement to the stock exchange yesterday, SLA said that after an “outstanding career” with both the firm and earlier with Aberdeen Asset Management (AAM), Gilbert has advised that he will not seek re-election at May’s annual general meeting and as a result will retire from the company on 30 September, 2020.
Until then, Gilbert will conchallenges tinue to focus on “strengthening the group’s relationships with clients, winning new business for the group and realising the potential from our global network and capabilities”, SLA noted.
Gilbert, who co-founded AAM in 1983, said: “It has been an incredible journey, almost unimaginable from the earliest days when we were just three people in one office in Aberdeen with £50 million under management to today’s total in excess of £500 billion.
“For more than 30 years, I have been fortunate to have worked with brilliant people all across the company, and I would like to take this opportunity to thank all my colleagues – past and present – who have supported me on this journey.
“I will leave the company in extremely good hands, and well positioned for further growth and prosperity.
“I am very proud of our achievements over the past three decades, but I still have a great enthusiasm for growing and guiding businesses and I am looking forward to fresh in the next stage of my career.”
Chairman Sir Douglas Flint added: “It is impossible to overstate Martin’s achievement in building Aberdeen Asset Management into a truly global and widely respected investment firm.
“His ability to attract talent to deliver that success and his unrelenting commitment to the firm’s clients leave a legacy of which he should be immensely proud and which serves as a solid foundation for our future success.
“On behalf of the board and fellow shareholders, I would like to thank Martin for his dedicated service and contributions to Standard Life Aberdeen, particularly as it came together after our merger in August 2017.”
Ryan Hughes, head of active portfolios at AJ Bell, noted: “The news that Martin Gilbert is to step down will mark the end of a remarkable journey.
“The merger in 2017 marked the start of Gilbert’s transition away from the firm and with the joint CEO role that he initially took on, it was clear that over time one would step away when the time was right.”