City veteran Martin Gilbert swoops on investment firm SVM

Posted on

City veteran Martin Gilbert swoops on investment firm SVM in newest addition to his new business empire

City veteran Martin Gilbert has swooped on investment firm SVM Asset Management within the newest addition to his new business empire AssetCo.

Gilbert, 66, who based what has now change into Abrdn earlier than stepping down in 2020, snapped up Edinburgh-based SVM for £10.7million.

The deal will generate a windfall for SVM’s founders, husband-and-wife duo Colin McLean and Margaret Lawson, who set the business up in 1990 and have identified Gilbert for greater than 30 years. 

Martin Gilbert (pictured), who based what has now change into Abrdn earlier than stepping down in 2020, snapped up Edinburgh-based SVM for £10.7m

Together they personal the vast majority of the business together with their household belief and stand to make a number of million kilos on paper.

Much of their wealth may very well be tied up in AssetCo, which is paying for SVM in so-called mortgage notes. 

The notes will both be paid out in money in 2023, or will be transformed into shares within the newly enlarged business if McLean and Lawson select to take action.

McLean, 69, will keep on in the interim as a director of AssetCo’s Scottish business, whereas Lawson, 62, will proceed to handle SVM’s UK fairness funds. 

Gilbert stated: ‘I have known Colin and Margaret for over 30 years, and I am delighted that both have agreed to remain with SVM.

‘Both have built phenomenal reputations as investment managers over many decades in the industry.’ 

He added that one of many causes behind the pair promoting the business was to permit them a neater path to retirement after they determine to depart.

Gilbert is a widely known identify within the investment world.

He co-founded Aberdeen Asset Management in 1983 earlier than merging it with Standard Life in 2017. 

The mixed firm is now referred to as Abrdn. 

But after stepping down in 2020, he began from scratch once more. 

He purchased AssetCo, which was basically a shell of an organization left on the London Stock Exchange, and transformed it into his new empire, shopping for investment corporations in an business ripe for consolidation.

He has up to now scooped up the likes of River & Mercantile and Saracen Fund Managers.

Advertisement

money/markets/article-10938833/City-veteran-Martin-Gilbert-swoops-investment-firm-SVM.html?ns_mchannel=rss&ns_campaign=1490&ito=1490″>Source Article

Leave a Reply

Your email address will not be published.