Asset management company AssetCo has announced ex Standard Life Aberdeen manager Campbell Fleming as its new chief executive.
Mr Fleming takes up his new role on October 2 and will also join the board of AssetCo, which is effectively the new management acquisition vehicle of Aberdeen-based financial services big-hitter Martin Gilbert.
In an update to shareholders, in March this year, it was announced Peter McKellar would become deputy chairman and chief executive of the business.
But due to his other business commitments, a full-time chief executive was to be recruited at a future date.
Following on from Mr Fleming’s appointment, a statement today (September 15) said Mr McKellar would remain actively involved in the development and execution of the company’s strategy.
Wealth of experience
Mr Fleming is chairman of The Big Exchange and a non-executive director of a number of other private companies.
He was global head of distribution and marketing at Standard Life Aberdeen until September 2020.
Before joining Aberdeen Asset Management in August 2016, he was chief executive – Europe, Middle East and Africa – and global chief operating officer at Columbia Threadneedle Investments, having joined that firm as global head of distribution in November 2009.
Prior to this, he was head of UK for JPMorgan Asset Management.
Mr Fleming said: “There are a number of structural shifts taking place within the asset and wealth management industry, such as digitisation and changing investing habits.
“As an agile business, AssetCo can capitalise on these shifts to deliver value for investors and shareholders.
“I am really looking forward to building on the excellent momentum AssetCo has established in such a short period, as well as working with Martin, Peter and the wider team.”
Developing business to meet investors needs
Mr Gilbert bought into AssetCo in January by taking a 29.8% stake in partnership with Mr McKellar, former global head of private markets at Aberdeen Standard Investments, and funds managed by Toscafund.
The company has completed a number of acquisitions since then, including Edinburgh-based Saracen Fund Managers for £2.75 million in March and a £27.8m deal for 30% of Parmenion Capital Partners in July.
Last month AssetCo revealed an agreement to acquire an effective 63% stake in Rize ETF for £16.5m, while pledging a further £5.25m to “help fund the growth of the business”.
Speaking about the new appointment, Mr Gilbert, AssetCo’s chairman, said: “I am delighted that Campbell will be joining AssetCo. His experience and expertise within the asset and wealth management industry, together with his leadership qualities, means he is well-placed to build on AssetCo’s strong foundations.
“The sector is facing numerous challenges, but the importance of the industry in enabling clients to achieve their financial goals is even greater.
“Campbell shares our belief that AssetCo can play a key role by investing in, supporting and developing businesses to meet the needs of investors.
“Peter steps down from his role as chief executive officer with AssetCo in fantastic shape.”