15: Martin Gilbert. Vice Chairman Standard Life Aberdeen

Money Maze Podcast

Business, Investing, Management, News, Business News

4.8 • 216 Ratings

🗓️ 29 September 2020

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

Many ambitious people aspire to build a truly successful business, and inevitably, only some succeed. Yet to start with a small buy-out which nearly 40 years later has evolved into one of the UK's largest Asset Management groups with over £500 billion in assets, employing 10,00 people and with offices in 50 cities, as well as being a member of the FTSE 100, is quite an achievement.

So in this podcast, to discuss the asset management industry and its future, we’ve gone north to Scotland, which as JK Rowling observed, is “one of the most hauntingly beautiful places in the world” and we are delighted to have as our guest the man who built and ran Aberdeen Asset Management, and which post-merger, became Standard Life Aberdeen.

Martin describes his schooling and University in Aberdeen, where he studied law and accountancy, and how within a short space of time, in 1983, he and two other alumnae from Robert Gordon's College agreed to buy Aberdeen Asset Management. He talks about expansion into Asia, growth by acquisitions and integrating firms and cultures, and how a mix of serendipity and strategy played their parts in expansion. He describes the motivation for Aberdeen to merge with Standard Life and the opportunities he believes it offers.

The conversation extends to the future of Asset Management, the need for greater differentiation through philosophy and style, fee pressures, active versus passive, and the qualities he believes make for a great fund manager.

We then discuss the current outlook and monetary regime, the future of fossil fuels, and the Scottish independence question that won’t go away, despite compelling economic arguments for the status quo.

Martin then discusses being Chairman of Revolut, being on the board of Glencore, and his experience when on the board at Sky during the bidding process.

Finally Martin talks about dealing with difficulties when they confronted him, and his perfect golfing day.

Transcript

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0:00.0	Welcome to the Money Maze podcast. I'm Simon Brewer, and we've created this show to explore and unravel some of the mysteries surrounding the investment business.
0:19.2	And we hope through direct and insightful interviews with
0:22.3	masters of the real-life money maze, we're going to learn about different approaches to
0:27.5	allocating capital, making investment and business decisions, and navigating the pitfalls that line
0:34.2	the paths to prosperity. Whether you're a current or aspiring investor or a student
0:39.3	exploring career options, we hope you gain some helpful insights and enjoy the shows. Thank you for
0:45.6	listening. Many ambitious people aspire to build a truly successful business. Inevitably, only
0:54.0	some succeed. Yet to start with a
0:56.3	small buyout, which nearly 40 years later has evolved into one of the UK's largest asset
1:01.2	management groups with over 500 billion in assets, employing 10,000 people and with offices in 50
1:07.9	cities, as well as being a member of the Futsi 100, is extraordinary.
1:12.5	So to talk about the asset management industry and his own particular story, we've gone north to Scotland,
1:18.6	which, as J.K. Rowling observed, is one of the most hauntingly beautiful places in the world.
1:24.1	But September is here, and as Billy Connolly famously quips, there are two seasons in
1:29.1	Scotland, June and winter. So with an economic chill firmly upon us, I'm delighted to have the
1:36.1	man who built and ran Aberdeen Asset Management, which became Standard Life Aberdeen, here as our guest
1:41.7	on the Money Maes podcast. Martin Gilbert, welcome.
1:45.6	No, looking forward to chanting.
1:48.1	Fantastic. Well, let's start with your early life. I think you were born in Malaysia and
1:52.6	your father was a plantation owner. So what stands out in your childhood?
1:58.5	Yeah, he wasn't an owner. He was working on the plantations, which were mainly populated by Scots.
2:05.0	I remember it. I remember it well. I was there until I was about 10 and went back to boarding
	...

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