SCOTTISH fund management industry big hitter Martin Gilbert has joined the board of a sector player based in London.

Mr Gilbert, who helped grow the Aberdeen Asset Management business that he co-founded into a force in the global industry, has been appointed deputy chairman of River and Mercantile (RMG).

The appointment comes eight months after Mr Gilbert retired from the board of the fund management giant created in 2017 through the £11 billion merger of Aberdeen Asset Management and Standard Life.

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River and Mercantile’s chairman, Jonathan Dawson, said Mr Gilbert had enjoyed an “exceptionally distinguished” career in asset management and would bring huge experience of the sector to work at RMG.

“We all look forward to working with him to develop RMG into a substantial growth business,” said Mr Dawson.

Mr Gilbert described RMG as a business with great potential and highlighted the scope for it to use acquisitions to accelerate growth.

The company had £45 billion funds under management on September 30.

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“In the current environment there are market opportunities for RMG, both organic and through acquisitions, that can drive shareholder value,” said Mr Gilbert, who helped Aberdeen Asset Management clinch a series of takeovers.

The company’s merger with Standard Life formed part of a process of consolidation in the fund management industry.

Firms used mergers and acquisitions to help them gain the scale some decided was required to compete in global markets while covering the increasing costs associated with regulation and information technology. Others have followed boutique strategies.

Mr Gilbert chairs the Revolut digital banking firm and the Toscafund asset management business. He is a non-executive director of commodities giant Glencore.