Metropolis veteran Martin Gilbert’s fund and wealth administration M&A outfit AssetCo hires his ex-Commonplace Life Aberdeen colleague as CEO
- Campbell Fleming replaces former colleague Peter McKellar as chief exec
- AssetCo has accomplished quite a few excessive profile acquisition offers in 2021
- The agency’s share worth has rocketed 109.4% since Gilbert’s January appointment
Metropolis veteran Martin Gilbert’s AssetCo, which has just lately accomplished a flurry of fund and wealth administration acquisitions within the UK, has employed the chairman’s former Commonplace Life Aberdeen colleague Campbell Fleming as CEO.
Having left his function as world head of distribution and advertising on the fund supervisor final 12 months, Fleming will substitute Peter McKellar, who will keep on as deputy chairman of AssetCo.
AssetCo instructed shareholders final 12 months McKellar’s time as CEO can be quick lived, owing to his different enterprise commitments. One other former senior SLI colleague, McKellar can also be a board member of Scottish Enterprise, Scotland’s nationwide financial improvement company.
AssetCo has made quite a few excessive profile UK acquisitions to this point in 2021
His substitute Fleming is at the moment chairman of The Massive Trade and a non-executive director of quite a few different non-public corporations, having held senior roles throughout the UK’s asset administration business.
Shortly after doubling its stake in monetary providers agency River & Mercantile early final 12 months, AssetCo moved to lift capital on London’s AIM market.
It has since accomplished offers to accumulate Saracen Fund Managers, and bought-up massive stakes within the likes of Parmenion Capital Companions and Rize ETF.
Gilbert co-founded Aberdeen Asset Administration in 1983, serving as CEO from 1991 to 2017, and retired from the enterprise in 2020, three years after the fund administration stalwart’s merger with Commonplace Life.
Metropolis veteran Martin Gilbert’s AssetCo has seen his share worth rocket since January
He has reportedly since fallen out along with his former firm, which is now led by Stephen Chicken and buying and selling below the Abrdn model, over allegations that it used Gilbert’s personal AssetCo stake to vote towards his appointment to the board.
Since Gilbert’s appointment as chairman in January, AssetCo’s share worth is up 109.4 per cent and is buying and selling at 1,675p.
Gilbert stated Fleming’s ‘management qualities, means he’s properly positioned to construct on AssetCo’s sturdy foundations’.
He added: ‘The sector is going through quite a few challenges, however the significance of the business in enabling shoppers to attain their monetary targets is even larger.
‘Campbell shares our perception that AssetCo can play a key function by investing in, supporting and creating companies to satisfy the wants of buyers.’
Fleming stated: ‘There are a variety of structural shifts going down throughout the asset and wealth administration business, comparable to digitisation and altering investing habits. As an agile enterprise, AssetCo can capitalise on these shifts to ship worth for buyers and shareholders.’