U.K. fund house Standard Life Aberdeen calls curtains on co-head structure and appoints solo CEO.
Martin Gilbert, who describes his role as the «back nine at golf» at the recent World Economic Forum (WEF) in Davos is bowing out as the co-chief executive at Standard Life Aberdeen (SLA) in favor of Keith Skeoch, who will assume sole charge of the asset manager, according to several media reports on Wednesday.
Gilbert led Aberdeen for over 30 years before becoming co-chief of the merged entity with Skeoch who was formerly chief of Standard Life. Gilbert now takes on the role of Vice Chairman of SLA, which will require him to focus on maintaining strategic relationships with key clients and winning new ones.
The asset manager's poor performance since the merger may be one reason for the leadership change as may be the current disenchantment with co-head structures amongst financial institutions. The company admitted to $52 billion in outflows last year.
