AssetCo is expected to pay £27.8m for the stake.

Standard Life Aberdeen also completed its sale of Parmenion today to private equity house Preservation Capital Partners, in a £102m deal which was announced in March. 

AssetCo will make a payment of £20.6m due on completion and up to £3.6m due in March 2022 and March 2023 for its 30% stake in the parent company of investment platform Parmenion.

Mr Gilbert was appointed chairman of investment firm AssetCo in March to spearhead its new acquisition strategy.

Parmenion manages £8bn of assets on behalf of over 2,500 advisers and 68,000 clients.

Preservation Capital Partners (PCP) specialises in acquiring financial services businesses. Its current portfolio includes Lloyds broker BMS and insurance managing agent Optio.

It said it will treat Parmenion as a standalone acquisition with no plans for major changes and no integration planned with other businesses.

There will be no changes to Parmenion’s operations, management or team.

Standard Life Aberdeen confirmed it was starting to look for a buyer for the Parmenion platform in November. Parmenion was one of three adviser platforms operated by the group.

Standard Life Aberdeen sold its Standard Life brand to the Phoenix Group in February as part of a branding review of all its businesses.

There has been speculation since Standard Life and Aberdeen Asset Management merged in 2017 over whether the combined group would hold on to all three of its platforms: Wrap, Elevate and Parmenion.