UK based online bank operator Revolut recently revealed via an update in its LinkedIn account that the firm has on-boarded veteran fund manager Martin Gilbert to serve as Chairman of its Board. The post revealed that he will officially take on his new role as a non-executive Chairman at the firm starting in January 2020 and the move has finally being approved by UK regulatory body. However, it should be noted that the news is not new as the firm expressed interest in hiring Mr. Gilbert earlier this year pending regulatory approval and he had been serving in advisory capacity to Mr. Nikolay Storonsky, CEO of Revolut for quite a while now. Mr. Martin has stepped down from his previous role as Co-head of UK based investment firm Standard Life Aberdeen last month marking the end of his term as UK FTSE’s longest serving Chief Executive Officer having held the role for 36 years. Mr. Gilbert’s career in financial service industry began in 1982 when he began working in investment department of a law firm where he served for nearly a year post graduating with a degree in law and accountancy from University of Aberdeen.
He quit his role at the law firm to begin his role as head of his own investment firm Aberdeen Asset Management which he acquired from a group of solicitors for 60,000 GBP back in the day. He managed to develop is firm from a small investment firm made up of just three members to one of UK’s most valued, industry leading asset management firm. While he did suffer some setbacks during his long career, he is one of the most successful fund managers in European market and gained a reputation for successful deal making via his networking skills having clinched more than 40 multi-million dollar deals. Albeit the hiccup suffered in 2002 in what turned out to be biggest investment disaster of his career when nearly 50,000 clients lost a total of 700 Million GBP over a series of risky investments, he had managed to turn his firm Aberdeen Asset Management into UK’s largest fund manager and an industry leading FTSE listed investment firm by 2013 well before its merger with Scotland’s largest insurer Standard life.
While the firm has since seen a decline in its business and share value tumble since its multi-billion dollar merger, it continues to remain as one of UK’s largest asset management and investment service provider. While he has stepped down as co-head of the firm, he still continues to hold the role of Vice Chairman at Standard Life Aberdeen as per information in his LinkedIn account. Speaking about his new role at Revolut, Mr. Gilbert said “Revolut is a unique proposition in the digital banking world, and I’m pleased to be joining the board at such an important stage in its development. Nik and the team have made great strides towards building the bank of the future, and I’m proud to add my deep experience of board governance and corporate growth to the board as Revolut continues to expand on a global scale”.
Source:
https://www.linkedin.com/in/martin-gilbert-936a50130/
https://www.telegraph.co.uk/technology/2019/11/12/city-guru-martin-gilbert-joins-revolut-chairman/
