FUND management giant Standard Life Aberdeen has confirmed HSBC veteran and University of Glasgow graduate Sir Douglas Flint will be its next chairman, with his annual fee for this post set at £475,000.

Sir Douglas, who graduated as a Bachelor of Accountancy from the University of Glasgow in 1977, will succeed Sir Gerry Grimstone as chairman of Standard Life Aberdeen on January 1.

The appointment had been widely anticipated in recent weeks.

Standard Life Aberdeen said Sir Gerry, who has been chairman for more than 11 years and a director since 2003, would “remain in an advisory position with the company for his six-month notice period after he has stepped down from the board”.

Sir Douglas, who was chairman of HSBC from 2010 to 2017 and was finance director of the banking giant between 1995 and 2009, will join Standard Life Aberdeen as a non-executive director and chairman-designate tomorrow. Standard Life Aberdeen noted Sir Douglas’s fee as a non-executive director, prior to taking up the chairman role, would be based on a £73,500 per annum rate.

Simon Troughton and Melanie Gee, who co-chair the appointments committee at Standard Life Aberdeen, said: “We undertook a rigorous and comprehensive international search to identify Sir Gerry’s successor and we are very pleased Sir Douglas will join the board and become its chairman.

“His passion for our company, his strong track record as chairman and his international experience make him an ideal candidate to lead the board as we continue to build our global investment business.”

Sir Douglas, a Glaswegian, said: “I’m delighted to have been asked to lead the board of Standard Life Aberdeen at this important time in its development. I look forward to working with my fellow directors and the management team over the coming months and years to continue to shape its future success.”

Sir Gerry said: “Douglas will make an excellent chairman of Standard Life Aberdeen.”