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Press and Journal
26-04-2025
- Business
- Press and Journal
Aberdeen's Martin Gilbert reflects on rollercoaster ride in global finance
From a modest office above Number 10 Wine Bar in Aberdeen to commanding billion-pound boardrooms across the globe, Martin Gilbert's career arc is the stuff of business legend. As co-founder and long-time CEO of Aberdeen Asset Management, Martin helped build one of Scotland's greatest modern corporate success stories. Nearing 70, he's still charging ahead as chairman of Revolut — Europe's fastest growing fintech— and as board member of Glencore, one of the world's largest mining giants. 'I don't know where the years have gone, but the good thing is I still think I'm 30,' he smiles. Both Martin and his wife Fiona, a professor of radiology at the University of Cambridge, are as busy as ever. 'I know it's a weird thing to say, but it's quite nice to still remain relevant,' says Martin. 'I still enjoy the thrill of business.' That thrill is clearly mutual. This week, Revolut's reported profits had more than doubled in 2024, up 148% to £1 billion. Gilbert beams at the mention. 'It's an amazing company. I really enjoy being part of a business that's growing again.' Born in Malaysia where dad Jim managed a rubber plantation, Martin spent his early childhood enjoying the freedom of the tropical outdoors, before being sent to board at Robert Gordon College in Aberdeen. 'It was a complete contrast,' he recalls. 'Aberdeen is as far away from being tropical as you can get.' He remembers the long-haul flights between Asia and Scotland as being more like a local bus route. 'You stopped about five times before you arrived, it was long,' he says. Still, the experience of travelling solo at a young age gave him the confidence to see the world differently. After school, he studied accountancy and law at the University of Aberdeen – the late British MP Alistair Darling was in the same year. This was followed by training at local firm Mestern & Company, later acquired by Deloitte. 'If you're going to do accountancy, do it at a small firm, you get real variety of work.' That breadth of training, he says, was like a real-world MBA and instrumental to understanding how to both build and dissect a balance sheet. That grounding would come in handy when George Robb—one of the founding partners of what would become Aberdeen Asset Management—offered Martin a role. At the time, fund management was little more than a cottage industry. Martin admits he didn't fully understand what being a fund manager entailed, but he took a risk. 'I knew what shares were, so I suppose that was an advantage.' Aberdeen Asset Management officially launched in 1983, and from that point, Martin set out on a decades-long journey that would see the firm become a global investment powerhouse, overseeing hundreds of billions in assets. 'We were fortunate. I'm a big believer in luck,' he says, 'but you have to take advantage of it when it comes.' Martin's stroke of luck in life was being born in Malaysia. 'I saw the opportunity in Asia,' he says. 'I saw the work ethic there and how Asia would be the engine of the world.' The firm's first acquisition? An Asian asset manager. 'If I'm being honest, we really built Aberdeen on the back of investing money from America and Europe into Asia.' And while the company's main operations eventually spread to London, Edinburgh, and Singapore – with 40 offices worldwide – it remained headquartered in Aberdeen. 'It was a big operation. We were, by accident, headquartered in Aberdeen,' he smiles, 'The senior management were all from Aberdeen, which is astonishing. 'We built Aberdeen on the back of people from Aberdeen.' This wasn't by design, he insists, but rather a reflection of the talent pool that emerged from local institutions like Robert Gordon's College. His first major hire, Bill Rattray, epitomized the company's evolution—from preparing accounts when turnover was £100,000 and profits were just £13, to helping steer a firm with revenues in the billions. 'We made careers for hundreds of people. That's what I'm most proud of. How many talented people we made.' Reflecting on his leadership style, Martin says he could be hard and driven, but staff demonstrated 'amazing' loyalty. He jokes about being lazy, but what he really means is he delegates well. 'Leadership is mostly about making decisions and helping others make decisions,' he says. '99 times out of a 100 people know the answer, they just want confirmation.' But it was during moments of crisis that Martin's mettle truly showed. Between 2002 and 2004, Aberdeen Asset Management faced intense scrutiny during a regulatory investigation into split-cap investment that nearly sunk the company. Martin was brought before a treasury committee and branded a 'snake oil salesman' by MP John McFall. He describes it as both the lowest and the proudest moment of his career. Yet remarkably, not a single client – or key employee – walked away. 'I'm not proud of how we got ourselves into that, but I am proud of how the company reacted to it. We came out a better company, we were stronger. 'It's how you deal with the tough times. You learn from that. 'After that, nothing really bothered me. Once you've been in front of two treasury select committees and ripped apart in public by Lord McFall, as he is now, you think you can deal with everything after that.' The culmination of that recovery? The transformative acquisition of Deutsche Asset Management, which tripled the firm's size and set the stage for its eventual merger with Standard Life in 2017. Even now, Martin doesn't dwell on past decisions. 'You can depress yourself that way,' he says. 'We had 30 really good years with a blip in the middle. We built up a massive, global business. 'The key is not to look back. Once you move on, just move on.' These days, Martin's calendar remains packed. As chairman of Revolut—Europe's most valuable fintech startup—he finds himself once again in the thick of it. 'Revolut is an amazing company,' he says. 'Its most recent valuation was $45bn. When I left Aberdeen, they were about the same size. Now, look where they are.' His involvement with Glencore, one of the world's largest mining firms, gives him a front-row seat to global commodities, sustainability, and energy transitions. 'It's the intellectual challenge I love,' he admits, 'things like understanding why copper is so critical to our future.' Despite his global commitments, Martin's roots remain firmly in Aberdeen. He still owns a home in Milltimber overlooking the River Dee and has investments in local pubs and hospitality. And though he won't interfere in politics, he's vocal about supporting both oil exploration and the renewable transition. 'Whenever I speak to Labour and SNP politicians at the moment I say 'people in Aberdeen find your policy bewildering',' he says. 'Why would you want to import oil rather than search for it yourself and have political stability? They have no real answer for it.' When asked how he unwinds, Martin smiles. 'Skiing, definitely. When you're skiing, you can't think about anything else. It clears the mind.' He's also a keen golfer and strategically turned his passion into a business tool. Aberdeen's sponsorship of the Scottish Open wasn't just for show—it was about brand placement in American living rooms during primetime. His love of business, however, still outpaces his hobbies. 'I like companies that are growing,' he says. 'It keeps you relevant. Keeps you curious.' He recounts meeting Rupert Murdoch and being struck not by his power, but his curiosity. 'That's the key. Always stay curious.'
BBC News
04-03-2025
- Business
- BBC News
Abrdn adds back vowels after widely mocked rebrand
Investment firm Abrdn will add the vowels back into its name after dropping them in a rebrand that was widely mocked. The firm said it will now be called aberdeen group, with no capital letter at the start. In the past it has been Aberdeen Standard Life and Aberdeen Asset Management. Its rebrand to Abrdn in 2021 was largely derided, with some saying it seemed like a typo, and others joking the firm had "irritable vowel syndrome". The company said the mockery amounted to "corporate bullying". Chief executive Jason Windsor said the latest name change would remove "distractions". "This is a pragmatic decision marking a new phase for the organisation," said chief executive Jason Windsor, as he revealed a strategy revamp. However, some people commented that while the company had found its vowels, it still hadn't found its capital letters. 'Lv Abrdn aln' The firm has faced a barrage of mockery over the last four years since rebranding to Abrdn under previous boss Stephen Bird. It attracted reaction on social media with one user posting a mock-up of word game Countdown. The letters ABRDN are shown on the letter board behind presenter Rachel Riley, with the words "another consonant please Rachel..." A new version of the image was posted on Tuesday with one user joking that reinstating the vowels was responsible for the firm's share price rising. When a senior executive said in 2024 that mockery around its name was corporate bullying, the Financial Times responded by publishing a post that read "Lv Abrdn aln" (Leave Abrdn alone), while City AM ran with a front page that read "Abrdn: an apology - sry we kp tkng th pss ot of yr mssng vwls". Rebrands for big firms have in the past proven tricky to navigate. Royal Mail, for example, caused a public outcry after it suggested a name change to "Consignia" in 2002. A few years ago, Volkswagen was greeted with derision after an April Fool's joke misfired. The German car giant was forced to deny that it was changing its name to "Voltswagen" in the US, despite having said in a press release that it would. Tuesday's announcement from aberdeen group came as it revealed a return to profit in 2024 with pre-tax profits of £251m. The firm also said it was starting the search for a new chairman and increasing targets for profit growth. The company said it expected costs associated with the name change to be "negligible".
