Martin Gilbert has paid tribute to fellow co-founder of Aberdeen Asset Management, Ronnie Scott Brown, who has died aged 83.
Scott Brown (pictured front right) co-founded Aberdeen AM alongside Gilbert and George Robb on 1 June, 1983.
The trio formed the company to take over the investment business of a local Aberdeen law firm Brander & Cruickshank where they all worked. The aim was to provide fund management and secretarial services to an investment trust and to a small number of institutions and private clients.
Before joining Brander & Cruickshank, Scott Brown completed a law apprenticeship at legal firm Paull & Williamsons after a law degree at the University of Aberdeen. He is also listed on Companies House as a former director of the Aberdeen New Dawn Investment Trust and the Temple Bar Investment Trust, roles he relinquished in 2003.
At launch in 1983, Aberdeen AM consisted of the partners and some administrative support. It had assets under management of £70m and in its first year reported a profit of £87.
Scott Brown stood down from the board as non-executive director in 2003, at which point Aberdeen’s AUM was £20bn and it employed more than 1,000 people around the world.
In 2016, the year before its merger with Standard Life, Aberdeen’s AUM was £312bn and its profit was £353m.
Gilbert, who stepped down from Standard Life Aberdeen earlier this year, said: “Ronnie, along with George Robb and I, co-founded Aberdeen Asset Management in 1983. He was so well respected and without him Aberdeen would not have happened. Ronnie opened so many doors for us as we looked to build the business.
See also: Martin Gilbert exits Standard Life Aberdeen after rollercoaster ride
“Having joined the board as a founding director in 1983, Ronnie retired as a non-executive director in 2003. I learnt so much from him and appreciated his wise counsel over the years.
“Ronnie was a true gentleman and will be greatly missed. Our thoughts are with Ronnie’s family.”
Writing on Twitter in response to Gilbert’s post about the news, Fidelity International chief executive Anne Richards said: “Sad to hear that – he was a lovely man.”
