Legendary Scottish fund manager Colin McLean has confirmed that he will retire soon, two years after selling his SVM Asset Management business to Martin Gilbert’s AssetCo.

AssetCo agreed to acquire SVM in June 2022. In December 2022, AssetCo announced plans to bring together its four active equity asset management subsidiaries under its River and Mercantile brand.

McLean set up Edinburgh-based SVM Asset Management in 1990 with his wife, investment manager Margaret Lawson, who retired about a year ago.

McLean confirmed that following his retirement from SVM, he will focus on running his family investment company, Barnton Capital. He will also remain a non-executive director of Public Health Scotland, a role he has held for the past four years.

When he sold SVM, McLean said: “When I set up SVM our aim was to leverage quality research and strong fundamentals to underpin our independent thinking and deliver great investor value.

“I believe that our performance over the years demonstrates that we have been able to achieve this.”

AssetCo said of the deal: “SVM has a 30-year track record of solid and steady performance and client service and a CEO in Colin McLean who has been a leading industry figure for several decades.”

On Tuesday, McLean said in a message: “It’s now more than 50 years ago since I started work for a life assurance firm … I will continue to write and guest lecture.

“I have seen a lot of charge in stockmarkets and investment and always enjoyed it and the challenges it brings.”