Martin Gilbert, who co-founded Aberdeen Asset Management and led it into a merger with Standard Life to create Aberdeen Standard Investments, is to retire from the board of the company next year.
When the merger was completed in March 2017, Mr Gilbert became joint chief executive of the company with Keith Skeoch, who had run Standard Life Investments.
Mr Gilbert later moved to be deputy chairman of the company, leaving Mr Skeoch as the sole chief executive.
In a stock market announcement released this morning (October 2) the company stated that Mr Gilbert will retire from the board at the company’s next annual general meeting in May 2020.
As part of the retirement planning staff that presently report into Mr Gilbert will cease to do so.
Mr Gilbert said: “It has been an incredible journey, almost unimaginable from the earliest days when we were just three people in one office in Aberdeen with £50m under management to today’s total in excess of £500bn.
"For more than 30 years, I have been fortunate to have worked with brilliant people all across the company, and I would like to take this opportunity to thank all my colleagues – past and present - who have supported me on this journey.
"I will leave the company in extremely good hands, and well positioned for further growth and prosperity. I am very proud of our achievements over the past three decades, but I still have a great enthusiasm for growing and guiding businesses and I am looking forward to fresh challenges in the next stage of my career.
"Nevertheless, Standard Life Aberdeen will always be close to my heart, and I wish everyone associated with the company all the very best for the future.”
The company’s chairman, Sir Douglas Flint, himself a former chairman of HSBC, 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.”
Standard Life Aberdeen shares have fallen in value from £3.43 to £2.78 over the past year.
Mr Gilbert holds a range of other directorships at firms involved in activities other than financial services.