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New venture

Gilbert to drive deal-making cash shell AssetCo

Martin Gilbert

Martin Gilbert: taking a stake

Veteran Scottish fund manager Martin Gilbert has joined a group of City grandees and former Aberdeen Asset Management colleagues in a new deals-led venture.

The former co-CEO of Standard Life Aberdeen will take a stake, believed to be about 10%, in AssetCo, a London-listed cash shell.

He will also take an executive role in the business which has a value of about £30m.

Sources have told Sky News that Peter McKellar, Aberdeen Standard Investments’ former global head of private markets, and Gordon Neilly, its former global strategy chief, will also invest in AssetCo.

Christopher Mills, the Harwood Capital Management founder holds a big stake in the cash shell it is said that former ICAP chief Lord Spencer and Toscafund Asset Management, which Mr Gilbert chairs, are considering backing the venture.

AssetCo announced on Friday it had bought a 2.9% stake in asset manager and consultancy River & Mercantile which Mr Gilbert joined as deputy chairman last week.

He is also chairman of Revolut, the digital bank, is a non-executive director at Glencore, the mining and commodities trading group, and recently joined the board of Saranac Partners, wealth management firm.

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