City veteran Martin Gilbert’s fund and asset management M&A outfit AssetCo hires his ex-Standard Life Aberdeen colleague as CEO
- Campbell Fleming replaces former colleague Peter McKellar as CEO
- AssetCo completed a number of high-profile acquisition deals in 2021
- The company’s share price is up 109.4% since Gilbert’s appointment in January
City veteran Martin Gilbert’s AssetCo, which has recently completed a series of fund and asset management acquisitions in the UK, has hired Campbell Fleming, the former colleague of Standard Life Aberdeen, as CEO.
After leaving his role as global head of distribution and marketing at the fund manager last year, Fleming replaces Peter McKellar, who remains as deputy chairman of AssetCo.
AssetCo told shareholders last year that McKellar’s time as CEO would be short-lived, due to his other business commitments. Another former senior SLI colleague, McKellar is also a board member of Scottish Enterprise, Scotland’s national agency for economic development.
AssetCo has made a number of notable UK acquisitions so far in 2021
His replacement Fleming is currently chairman of The Big Exchange and a non-executive director of a number of other private companies, holding senior positions in the UK wealth management industry.
Shortly after doubling its stake in financial services firm River & Mercantile early last year, AssetCo moved to raise capital in London’s AIM market.
Since then, it has made deals to acquire Saracen Fund Managers and bought up major stakes in Parmenion Capital Partners and Rize ETF, among others.
Gilbert co-founded Aberdeen Asset Management in 1983, where he served as CEO from 1991 to 2017, and retired from the company in 2020, three years after the fund management’s merger with Standard Life.
City veteran Martin Gilbert’s AssetCo has seen its share price rise since January
He has reportedly since argued with his former company, now led by Stephen Bird and trading under the Abrdn brand, over allegations that it used Gilbert’s own AssetCo stake to vote against his appointment to the board of directors.
Since Gilbert’s appointment as chairman in January, AssetCo’s share price is up 109.4 percent and is trading at 1.675p.
Gilbert said Fleming’s “leadership qualities mean he is well placed to build on AssetCo’s strong foundations.”
He added: “The industry faces many challenges, but the industry’s importance in enabling customers to achieve their financial goals is even greater.
“Campbell shares our belief that AssetCo can play a key role in investing in, supporting and developing businesses to meet the needs of investors.”
Fleming: ‘There are a number of structural shifts taking place within the wealth and asset management sector, such as digitization and changing investment habits. As an agile company, AssetCo can capitalize on these shifts to deliver value for investors and shareholders.”