Martin Gilbert, chairman of Aberdeen Standard Investments and vice chairman of parent company Standard Life Aberdeen, will leave the company on Sept. 30, 2020, the firm said Wednesday.
Mr. Gilbert will not seek re-election at the company's annual general meeting, scheduled for May 12, 2020, and will retire from the firm, subject to the board's approval, according to a news release. Mr. Gilbert will continue to focus on the group's relationships with clients and new business until Sept. 30, gradually transitioning his client and key regulatory relationships to other executives and certain key public policy and industry relationships to the chairman, Douglas Flint.
"It is impossible to overstate (Mr. Gilbert'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," Mr. Flint said in the news release.
"I will leave the company in extremely good hands, and well positioned for further growth and prosperity," Mr. Gilbert said in the release. "I am very proud of our achievements over the past three decades, but I still have a great enthusiasm for growing and guiding businesses."
Mr. Gilbert was co-CEO of the firm alongside Keith Skeoch until mid-March, when Standard Life Aberdeen PLC dissolved its co-CEO structure, leaving Mr. Skeoch as sole CEO.
The move followed the March 2017 merger of Standard Life and Aberdeen Asset Management.
Aberdeen Standard Investments had £525.7 billion ($645 billion) in assets under management as of June 30.