UK-based AssetCo has named Scottish fund management veteran Martin Gilbert as its new chairman as it sets sights on acquisitions.

The move comes as the firm prepares to change its strategy to focus on acquiring, managing and operating asset and wealth management activities and interests.

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Set to assume his new responsibility from 15 April 2021, Gilbert will replace current chairman Tudor Davies who has been appointed as the non-executive director.

Gilbert, who co-founded Aberdeen Asset Management in 1983, has also chaired Revolut and Toscafund.

He also served as the chairman of the UK’s Prudential Regulation Authority’s Practitioner Panel as well as a member of the International Advisory Panel of the Monetary Authority of Singapore.

In conjunction with the development, AssetCo named Peter McKellar as its deputy chairman and CEO.

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The company said that it will raise cash to execute its new strategy of making strategic acquisitions and developing the business, while ‘widening and strengthening’ its shareholder base.

Davies said: “During the last year, we successfully accumulated cash balances of approximately £55m, from the realisation of receivables and bonds from our Abu Dhabi business and the successful conclusion of our litigation against our former auditors.

“However, there have been challenges in developing an overseas business in the Middle East, and the board decided it was appropriate to review the structure and future strategy of the company.

“This led to a tender offer to buy back 50% of the share capital at a cost of £26.9m, followed by the proposal to utilise the AssetCo platform to build an exciting asset and wealth management business.”

Last month, AssetCo doubled its stake in asset management company River and Mercantile Group.