Exploring the career of Martin Gilbert, a titan in the finance industry.
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From humble beginnings in a small office above a wine bar in Aberdeen to leading billion-pound boardrooms worldwide, Martin Gilbert’s career is a testament to resilience and vision in the finance sector. As the co-founder and former CEO of Aberdeen Asset Management, he played a pivotal role in shaping one of Scotland’s most successful corporate stories.
Now, nearing 70, Gilbert continues to make waves as the chairman of Revolut, Europe’s fastest-growing fintech company, and a board member of Glencore, a global mining giant.
Early life and education
Born in Malaysia, Martin Gilbert’s early years were spent in the lush surroundings of a rubber plantation managed by his father.
This idyllic childhood was abruptly contrasted when he was sent to board at Robert Gordon College in Aberdeen. Reflecting on this transition, he recalls, “Aberdeen is as far away from being tropical as you can get.” His formative years included long-haul flights between Asia and Scotland, which instilled in him a unique perspective on global travel and business.
After completing his studies in accountancy and law at the University of Aberdeen, where he shared a year with future British MP Alistair Darling, Gilbert began his career at a local firm, Mestern & Company. He later joined Deloitte, where he gained invaluable experience that would serve him well in his future endeavors. “If you’re going to do accountancy, do it at a small firm; you get real variety of work,” he advises, emphasizing the importance of diverse experiences in shaping a successful career.
Building Aberdeen Asset Management
In 1983, Gilbert took a leap of faith when he joined George Robb, one of the founding partners of what would become Aberdeen Asset Management. At that time, fund management was still in its infancy, and Gilbert admits he didn’t fully grasp the intricacies of the role. However, his understanding of shares and investment opportunities propelled him forward. Under his leadership, Aberdeen Asset Management transformed into a global investment powerhouse, managing hundreds of billions in assets.
Gilbert attributes much of the firm’s success to a combination of luck and strategic decision-making. “I’m a big believer in luck,” he states, “but you have to take advantage of it when it comes.” His foresight in recognizing the potential of Asian markets was instrumental in the firm’s early growth, as he capitalized on investments from America and Europe into Asia.
Leadership and resilience
Throughout his career, Gilbert has demonstrated a unique leadership style characterized by delegation and empowerment. He believes that effective leadership is about making decisions and helping others to do the same. His ability to foster loyalty among staff has been a hallmark of his tenure, even during challenging times. One notable crisis occurred in the early 2000s when Aberdeen Asset Management faced intense scrutiny during a regulatory investigation. Despite the turmoil, not a single client or key employee left the firm, a testament to Gilbert’s leadership and the company’s resilience.
Reflecting on this period, he notes, “It’s how you deal with the tough times. You learn from that.” This experience ultimately led to the transformative acquisition of Deutsche Asset Management, which significantly expanded the firm’s reach and capabilities.
Current endeavors and future outlook
Today, Martin Gilbert remains deeply involved in the financial sector as the chairman of Revolut, which recently reported a staggering 148% increase in profits, reaching £1 billion in 2024. His role at Glencore allows him to engage with critical issues surrounding global commodities and sustainability, further showcasing his commitment to understanding the complexities of the modern economy.
Despite his global commitments, Gilbert maintains strong ties to his roots in Aberdeen, where he owns a home and invests in local businesses. He advocates for a balanced approach to energy policy, supporting both oil exploration and renewable transitions. His passion for business continues to drive him, as he believes that staying curious is key to remaining relevant in an ever-evolving industry.
As he reflects on his remarkable journey, Gilbert emphasizes the importance of curiosity and adaptability in achieving success. “Always stay curious,” he advises, a mantra that has guided him throughout his illustrious career in finance.
