City veteran Martin Gilbert’s fund and wealth management M & A costume AssetCo has hired a former Standard Life Abrdn colleague as CEO.
- Campbell Fleming replaces former colleague Peter McKellar as CEO
- AssetCo completed a number of high-profile acquisitions in 2021
- Since Gilbert’s January appointment, the company’s share price has skyrocketed 109.4%.
Martin Gilbert’s Asset Co, a city veteran who recently completed the acquisition of Funds and Wealth Management in the United Kingdom, has hired Campbell Fleming, a former standard life abrdn colleague of the chairman, as CEO.
Fleming, who resigned from his role as fund manager and global head of distribution and marketing last year, will replace Peter McKeller, Vice Chairman of AssetCo.
AssetCo told shareholders last year that McKeller’s CEO period was short-lived due to his other business commitments. Another former SLI senior colleague, McKeller, is also a board member of the Scottish company, the Scottish National Economic Development Agency.
AssetCo made a high-profile acquisition of the United Kingdom in 2021.
His successor, Fleming, is now Chairman of the Big Exchange, a non-executive director of many other private companies, and has played a senior role in the UK’s asset management industry as a whole.
Shortly after doubling its stake in financial services firm River & Mercantile early last year, AssetCo moved to raise money in London’s AIM market.
Since then, it has completed a deal to acquire Saracen Fund Manager and acquired large shares such as Parmenion Capital Partners and Lize ETF.
Gilbert co-founded Aberdeen Asset Management in 1983, served as CEO from 1991 to 2017, and left the business in 2020, three years after Fund Management merged with Standard Life.
City veteran Martin Gilbert’s Asset Co has seen stock prices skyrocket since January.
He reportedly voted against the appointment of Gilbert’s own AssetCo stake to the board of directors at a former company (now led by Stephen Bird and traded under the Abbrdn brand). I dropped out on allegations.
Since Gilbert was appointed chairman in January, AssetCo’s share price has risen 109.4% and is trading at 1,675p.
Gilbert said Fleming’s “leadership qualities mean he is well-suited to build on AssetCo’s strong foundation.”
He added: “While this sector faces many challenges, the industry is becoming more important in helping clients reach their financial goals.
“Campbell shares our belief that AssetCo can play an important role by investing, supporting and developing businesses to meet the needs of investors.”
Fleming said: “Many structural changes are taking place in the asset and wealth management industry, including digitalization and changing investment habits. As an agile business, AssetCo will take advantage of these shifts to provide value to investors and shareholders. I can.
Gilbert’s Asset Co employs a former Standard Life Aberdeen colleague as CEO
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