Aberdeen has appointed Torbjörn Magnusson as chair-designate and non-executive director following the departure of Sir Douglas Flint.
Sir Douglas stepped down as chair at the 2026 AGM after serving in the role since 2019, with Jonathan Asquith serving as interim chair since April. Sir Douglas has since taken the chair of life insurance giant Prudential.
Mr Magnusson will become chair of the Board after receiving relevant regulatory approvals.
Previous non-executive roles include chair of Nordea Bank from 2019 to 2022 and deputy chair from 2022 to 2023. He was also chair of UK digital insurer Hastings Group and leading Danish insurer Topdanmark, and currently serves as a non-executive director of global specialty reinsurer Canopius
During his executive career, Mr Magnusson has served as CEO and President of Sampo for six years, stepping down in 2025. He also led Sampo's £1.7bn acquisition of Hastings. Other former roles include President and CEO of If P&C Insurance from 2002 until 2019.
Mr Magnusson said: “Aberdeen has transformed its performance materially over the last few years, building the foundations for long-term value creation. I am very much looking forward to working with the Board, and with Jason and his management team, to help the company continue that progress and achieve its ambitions."
Former Aberdeen chairman Sir Douglas spent most of his career at HSBC, where he spent two decades, and was chairman between 2011 and 2017. He was also group finance director from 1995 to 2010. He was also previously a partner at KPMG. He was awarded a Commander of the Order of the British Empire (CBE) in June 2006, in recognition of his services to the financial services industry.
The appointment is one of several senior changes in Aberdeen over the past year.
Mr Denning has worked in the adviser sector for over 20 years and has held senior roles in client management, distribution and operations.
Operating profit for Aberdeen for the first half of 2026 increased 21% year-on-year to £151m in the first half of this year, according to its latest trading update. However, net outflows rose considerably to £3bn (H1 2025: £0.9bn), including £2bn in net outflows from its institutional and retail wealth arm.
The business reported a £0.7bn increase in gross outflows, partially offset by £0.3bn in higher gross inflows. Aberdeen attributed the increase in gross inflows to improved services levels and repricing efforts.
Aberdeen's Aberdeen Adviser arm provides Financial Planning solutions and technology for UK financial advisers.