By Sinead Cruise
LONDON (Reuters) – Veteran investor Martin Gilbert is stepping down from Standard Life Aberdeen <SLA.L> from September 2020, the company said on Wednesday, ending a career spanning more than three decades in charge of one of Britain’s most successful asset managers.
The 500 billion pounds ($613.05 billion) fund firm said Gilbert, who has served as vice-chairman since an 11 billion pound merger with Standard Life in 2017, would not seek re-election to the board at its annual meeting in May, and would leave in September.
“It is impossible to overstate Martin’s achievement in building Aberdeen Asset Management into a truly global andwidely respected investment firm,” SLA Chairman Douglas Flint said in a statement.
“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.”
Until his departure, SLA said Gilbert would continue to focus on strengthening relationships with clients, winning new business and realising potential from its global network and capabilities.
His key client, industry and regulatory relationships would be transferred to Flint.
“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 pounds under management,” Gilbert said.
“I will leave the Company in extremely good hands, andwell positioned for further growth and prosperity.”
The 64-year-old golf enthusiast, who co-founded Aberdeen Asset Management in 1983, said he still harboured “a great enthusiasm for growing and guiding businesses” and was looking forward to “fresh challenges” in the next stage of his career.
The Financial Times reported in July that Gilbert was in line to take up a role as chairman of digital bank Revolut. The bank did not immediately respond to a request for comment.
($1 = 0.8156 pounds)
(Reporting By Sinead Cruise; editing by Simon Jessop)