AssetCo CEO steps down after 'extremely demanding' few months

Campbell Fleming will step down on June 30 this year.

AssetCo will not replace Fleming, and his responsibilities will be shared by Martin Gilbert, executive chairperson who will focus on the strategic direction, and Gary Marshall, chief financial officer, who will oversee day-to-day operations.

Also taking on more responsibility is Alex Hoctor-Duncan, chief executive officer of River & Mercantile, AssetCo’s principal operating company, which AssetCo acquired last year.

Fleming said: "It was the right business and personal decision to step down after an extremely demanding 20 months integrating the group and as I now look to pursue additional non-executive roles.  

“I will continue to support, as well as remain a shareholder of, AssetCo as I believe in its strategy, team and its people who continue to deliver for our clients as shown by our results."

Gilbert thanked Fleming, adding: “The board and I are grateful to Campbell for his efforts and hope to continue our long association with him in supporting and guiding some of our underlying businesses." 

AssetCo is a former shell company which Gilbert and several former colleagues from the firm he founded, Aberdeen Asset Management, have used to buy stakes in a number of businesses in the asset and wealth management sectors, including a stake in the Parmenion platform and Saracen. 

The deal to buy River & Mercantile was much-touted, with directors of AssetCo calling the two companies “highly complementary”, and that a combination of the two would create “significant value” for the group’s clients, portfolio managers, employees and shareholders.

AssetCo, which is chaired by Gilbert, said AssetCo it was looking to make “strategic acquisitions” and develop the business through M&A.

In June 2021, the firm collected £30.9m to fund this strategy.

Gilbert is also deputy chairman of R&M but has recused himself from the board while discussions of a takeover take place.

sally.hickey@ft.com