Revolut chair Martin Gilbert joins fund manager Toscafund as non-executive chairman

Gilbert is due to retire from the board of Standard Life Aberdeen soon.

Revolut chairman and City veteran Martin Gilbert has been appointed non-executive chairman of the fund manager Toscafund.

Gilbert (pictured) is also taking on the role of non-executive director at Tosca Fund Limited's parent company Old Oak Holdings.

The news of Gilbert's new role comes as the 64-year-old is due to retire from the board of Standard Life Aberdeen, the investment company he helped fashion.

Gilbert co-founded Aberdeen Asset Management in 1983 and became vice chairman of Standard Life Aberdeen following its merger with Standard Life in 2017.

London-based Toscafund, which currently has more than £3bn assets, was founded by Martin Hughes, a former executive with US hedge fund Tiger Management.

Hughes and Gilbert have known each other for more than 30 years.

Hughes, 58, told The Mail on Sunday: "Martin and I have managed our businesses through both the good and difficult moments. I look forward to the benefit of his guidance and collaborating on future opportunities."

Gilbert is also a non-executive director of Glencore and was also previously deputy chairman of Sky. He is also currently chairman of Aberdeen Standard Investments.

Gilbert was appointed chairman of Revolut in November last year, as the challenger bank looked to beef up its board.