City veteran Martin Gilbert joins board of wealth firm Saranac Partners
Former Standard Life Aberdeen chief Martin Gilbert has joined wealth firm Saranac Partners as a non-executive director.
The veteran investor has taken on several board positions since standing down from Standard Life Aberdeen in March 2019 to join challenger bank Revolut as chair.
He is also a senior independent non-executive director at Glencore, as well as chairman of asset manager Toscafund.
Gilbert has been a long-standing supporter of Saranac Partners, having led fundraising rounds in the firm while he ran Standard Life Aberdeen.
In 2018 SLA led a £17.5m round in the wealth firm, which was set up in 2015 by former Barclays Wealth chief Tom Kalaris.
Tanvi Davda, managing Partner at Saranac Partners, said: “We are delighted to welcome Martin to the Board. He offers unrivalled credentials in this sector and will bring outstanding insight to Saranac Partners, as well as an unparalleled network of contacts. His experience will be invaluable to the growth of Saranac Partners.”
Saranac’s latest set of accounts published last month show the firm has raised nearly £3m in new equity with a further £3m to be drawn down over 2020.
The firm reported annual revenue of £7.4m up from £1.6m the previous year. However Saranac reported losses of £9.8m, which it said was “in line with expectations and reflect strong growth throughout 2019”.
“The client base is significantly larger and the company added a number of new custodians to the platform in 2019,” Saranac said in its accounts.