The Sunday Times reported that the former chairman of HSBC is in the running to serve as the board leader at Standard Life Aberdeen, a £610 billion fund manager.
Sir Douglas Flint stepped down from his role in HSBC in September last year. He served for approximately 22 years at the company. He is identified to be among the two or three candidates who are under consideration to take the place of Sir Gerry Grimstone.
Whoever is chosen for the role is expected to take the place of Grimstone early next year. He will be heading a company that is facing a number of challenges. Since the mega-merger that was agreed upon between Aberdeen Asset Management and Standard Life during the previous year, that paved the way to the establishment of Standard Life Aberdeen, the asset manager has since experienced substantial outflows.
Currently, it is moving ahead with sizeable shareholder buyback plans, thus spending millions on returning the funds to its shareholders.
Today, Bloomberg reported that the company was in discussion with Saudi Arabia regarding a launch of one or more investment vehicles in the Gulf kingdom. The launch would be funded by its sovereign wealth fund. Citing some sources, the website revealed that Standard Life Aberdeen was considering opening an office that will be located in Riyadh as part of the said proposals.
Flint was able to train as an accountant at KPMG prior to joining the banking giant. Since he left the company, he has worked as the special envoy of the Treasury for the Belt and Road initiative in China.
He is currently the chairman of the Archbishop of Canterbury’s Just Finance Foundation and is also a director at the Centre for Policy Studies think tank. He also sits on the global advisory council of a platform for fintech investment called Motive Partners.
Standard Life Aberdeen was not immediately available to answer to requests for comment regarding the matter.