Asset manager Standard Life Aberdeen (SLA) has discarded the co-CEO structure, handing Keith Skeoch the sole responsibility of the firm.

Ex-CEO Martin Gilbert will now assume the role of SLA vice-chairman. Besides, he will chair Aberdeen Standard Investments.

Gilbert will also remain an executive director of the board.

Skeoch and Gilbert were jointly managing SLA for two years, following the merger of Standard Life and Aberdeen Asset Management.

Both Skeoch and Gilbert will now report to chairman Douglas Flint.

Commenting on the move, Flint said: “The new structure will strengthen our client focus, simplify reporting lines and facilitate robust execution of the next stages of our transition and transformation programmes.”

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Additionally, finance director Bill Rattray is set to retire at the end of May.

PwC partner Stephanie Bruce will succeed Rattray.

The management reshuffle coincides with SLA’s 2018 earnings announcement.

The firm posted an adjusted pretax profit of £650m in 2018, versus £660m last year.

Assets under management and administration totalled £551.5bn at the end of December 2018, a fall of 9% from £608.1bn in the previous year.

The decrease was said to be driven by tough market conditions.

Net outflows were £40.9bn in 2018, as against £32.9bn of outflows a year ago.

Recently, fund manager Janus Henderson also ditched the co-CEO model.

Under the new structure, Dick Weil was named the sole CEO while co-CEO Andrew Formica stepped down.