Martin Gilbert has signalled fintech company Revolut, which he has chaired since January, could move into low-cost investments.
In an interview with This is Money, the former Standard Life Aberdeen co-chief executive and co-founder of Aberdeen Asset Management said investment funds were “certainly an area that we’re looking at for the future”.
Despite Aberdeen Asset Management having been committed to active management, Gilbert (pictured) said Revolut was more likely to tap into index funds.
“It’s more likely to go low cost,” said Gilbert, who has been advising the fintech since 2019 and became chairman in January this year. “Our customers are definitely interested in cost.”
Revolut initially started out as a travel card but has since expanded into share trading, insurance products and commodities, including gold. Founded in 2015 by former bank traders Nikolay Storonsky and Vlad Yatsenko, it is currently has 13 million customers and is valued at $5.5bn (£4.1bn). Banking is another area it is looking to enter.
“Our aim is to be the global super app,” said Gilbert, adding that the US and Japan would become important markets for the company.
He also said working with the fintech reminds him of the early days of Aberdeen Asset Management, which he helped co-found in 1983.
“It’s a bit like going back, I suppose, to Aberdeen, when I first started,” he said. “It’s definitely still got that feeling of being a small company. I suppose because I was sort of regarded as a bit of an entrepreneur in the fund management sector, it was thought I might be able to work with Nikolay, which I find very easy to do. But I also had the experience of working with shareholders and regulators worldwide. So I thought I could help.”
In 2017, Aberdeen Asset Management merged with Standard Life, where Gilbert became co-chief executive alongside Keith Skeoch, before stepping back and focusing on his vice chairmanship role. He exited the business in May.
His comments that Revolut may start offering low-cost funds comes just a week after new Standard Life Aberdeen chief executive Stephen Bird said he was also interested in making a move into passives. It has since launched a platform that allows investors to track hedge fund indices.
See also: Standard Life Aberdeen boss confirms changes at Wrap and Elevate and UK wealth push
Martin Gilbert versus Donald Trump
Besides work, Gilbert also spoke of the rounds of gold he has played with outgoing US president Donald Trump, admitting he would let him win.
“The last time I saw him was after he was the nominated [Republican presidential] candidate about five years ago,” he said. “I think it’s his passion, you know…and he’s actually a good golfer.”
Gilbert said Trump was probably going to have more time for the game following his loss against Democrat Joe Biden in November’s presidential election.
