Ronnie Scott Brown, co-founder of Aberdeen Asset Management, has died, a spokesman confirmed.
Mr. Scott Brown, who was 83, co-founded Aberdeen Asset Management in June 1983, with George Robb and Martin Gilbert.
Aberdeen Asset Management merged with Standard Life in 2017, creating Standard Life Aberdeen.
The firm was formed to take over the investment business of law firm Brander & Cruickshank in Aberdeen, Scotland. Messrs. Scott Brown, Robb and Gilbert worked in the investment department, the spokesman said. The mission was to provide money management and secretarial services to an investment trust and a small number of institutions and private clients.
"He was so well respected and without him Aberdeen would not have happened," Mr. Gilbert, chairman of Aberdeen Standard Investments, said in an emailed comment. "Ronnie opened so many doors for us as we looked to build the business."
Aberdeen Asset Management, whose roots can be traced back to 1875, had £70 million ($89.6 million) in assets under management and reported a profit of £87 in its first year.
Mr. Scott Brown was chairman of Aberdeen Asset Management between 1988 and 1991. He stood down from the board of directors as a non-executive director in 2003. At that point, the firm had £20 billion in assets under management and employed more than 1,000 worldwide.
Standard Life Aberdeen had £511.8 billion ($630.8 billion) in assets under management and administration as of June 30.
"I learnt so much from him and appreciated his wise counsel over the years. Ronnie was a true gentleman and will be greatly missed. Our thoughts are with Ronnie's family," Mr. Gilbert said.
Mr. Scott Brown completed his law degree at The University of Aberdeen, according to The History of Aberdeen Asset Management by John Newlands.
The University of Aberdeen presented Mr. Scott Brown with its first Benefactor to the University award, according to a news release in November 2015.
"Dr. Scott Brown is a distinguished and much respected graduate and honorary graduate of the university. A long term supporter of the university, he has promoted its philanthropic aims both as a generous benefactor and also as a trustee of the University of Aberdeen Development Trust," the release said.
