Gilbert closes in on R&M takeover

CITY veteran Martin Gilbert is the last man standing in the race to buy investment firm River & Mercantile.

Gilbert, who is looking to buy R&M through his new venture AssetCo, was left as the front-runner after rival bidder Premier Miton pulled out.

R&M is undergoing a shake-up as it shifts from a broad-ranging investment firm to a ‘specialist asset manager’. The firm was struck by scandal in 2019 when the City watchdog accused it of breaching competition law.

R&M said discussions were ongoing with AssetCo but that its focus was on completing the sale of its ‘solutions’ arm – which advises pension schemes on their investments – to Schroders.

Gilbert, who founded Aberdeen Asset Management before combining it with Standard Life into what is now Abrdn, has made millions from his career building investment firms. He stepped down from the board of his former company in 2020 and is now chairman of AssetCo. He is also on the board of R&M.