Former Aegon UK CEO Adrian Grace has joined £14 billion asset manager Seven Investment Management (7IM) — which is owned by Caledonia Investments — as chairman of its board.

7IM touted Grace’s “significant familiarity” of the Scottish market in making the appointment.

Grace succeeds Ian Owen, who steps down from the role after five years.

“Grace brings with him vast industry experience in a career spanning 40 years in financial services and technology companies,” said 7IM.

“Most recently Grace was non-executive director and remuneration committee chair at Virgin Money and, up until his retirement in March this year, was CEO of Aegon UK for almost 10 years.

“Prior to this, Grace held various senior leadership positions at HBOS, Barclays, Sage and GE Capital.

“As a result, Grace brings significant expertise and knowledge in combining technology and financial service solutions, as well as extensive M&A experience.

“Grace also has significant familiarity of the Scottish market, in which 7IM has a substantial presence following its acquisition of TCAM in 2018, having worked and lived in Edinburgh for over 20 years in a variety of roles.”

7IM CEO Dean Proctor said: “I’m hugely excited to welcome Adrian and have someone of his calibre and know-how join the 7IM Board.

“He brings with him vast industry experience, in particular his track record of bringing together and integrating technology and financial service solutions – something which I believe remains key to 7IM delivering on our vision to provide an unrivalled experience to our customers and clients.

“At the same time, I’d like to thank Ian for his immense contribution over the years, not least for the support he has shown me personally in my first year at 7IM.”

Grace said: “It is a privilege to be joining a firm with such a strong track record of innovation and focus on technology.

“I look forward to working with Dean and the rest of the board to help continue to drive 7IM forward and in particular, helping to maintain its track record of innovation and customer-orientation.”

Charlie Edwards, member of the 7IM board and director of Caledonia Private Capital said: “We’d like to place on record our thanks to Ian for his skilled and insightful chairmanship and for his role in bringing Dean Proctor into the business as CEO.

“Adrian has extensive insight and expertise in the industry acquired over a storied career in financial and technology companies.

“This makes him ideally suited to the role of chairman and we are delighted to welcome him to the board.”