(Sharecast News) - Standard Life Aberdeen said on Wednesday that vice chairman Martin Gilbert will retire in September 2020 after more than 30 years at the company.
Until then, Gilbert will continue to focus on strengthening the group's relationships with clients and winning new business. Progressively, he will transition his client and key regulatory relationships to executive colleagues and certain key public policy, industry body relationships to the chairman.
Chairman Douglas Flint said: "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.
"His foresight to see the opportunities that led to the combination that created Standard Life Aberdeen and his tireless efforts to realise these opportunities post-merger are hugely valued by all his colleagues who now take up the responsibility to deliver on them."
At 0855 BST, the shares were down 1.3% at 279.40p.
Ryan Hughes, head of active portfolios at AJ Bell, said: "The news that Martin Gilbert is to step down from Aberdeen Standard Investments will mark the end of a remarkable journey where he has overseen the growth of a small asset manager into a major global player.
"Gilbert has been one of the most acquisitive CEOs in the past 30 years, always looking for an opportunity to grow this business with a series of both small and larger purchases that built Aberdeen into a truly diversified asset manager. Working closely with fund manager Hugh Young, Aberdeen became the default choice for Asian and emerging market equity exposure and gained support from retail investors right through to large institutional players which drove huge growth in the asset manager.
"The merger with Standard Life 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 from the business when the time was right.
"After a long and successful career, Gilbert has certainly left his mark on the UK asset management industry."
12 May 2020 16:06