Edinburgh-based investment giant Aberdeen Group plc said on Thursday it has failed to find a new, permanent chair to succeed Douglas Flint, 70, who has joined Hong Kong-based Prudential plc as chair and leaves Aberdeen on April 28.

Aberdeen has been searching for a new chair for about a year.

The investment group said that in the interim, and until a permanent chair is appointed, its senior independent director Jonathan Asquith will assume the role of chair, subject to regulatory approval.

Aberdeen’s AGM will be held on April 29.

Asquith was a board member at 3i Group plc for almost 10 years, stepping down as deputy chair in 2020. His other previous non-executive roles have included chair of Citigroup Global Markets Limited, Citibank International Limited, Dexion Capital plc and AXA Investment Managers. He was also a director at Tilney, Ashmore Group plc and AXA UK plc.

In his executive career, Asquith spent 18 years at Morgan Grenfell. After serving as group finance director, he became Deutsche Morgan Grenfell’s chief financial officer and, later, chief operating officer. From 2002 to 2008, he was a director of Schroders plc, serving as CFO and, subsequently, executive vice chairman.

Aberdeen said in a stock exchange statement: “Aberdeen Group plc today provides an update on its chair succession process and consequential interim governance changes.

“At the Company’s 2025 AGM, Sir Douglas Flint announced that he would not stand for re-election at the following year’s AGM. In January 2026, the company confirmed that Sir Douglas would step down as chair and as a director of the company with effect from the conclusion of the company’s board meeting on 28 April 2026. 

“The process to select a permanent successor to Sir Douglas as chair of the company remains ongoing and the company will provide further updates on this in due course.

“In the interim, and until a permanent chair is appointed, the company confirms that Jonathan Asquith, Senior Independent Director, will assume the role of chair of the company, subject to regulatory approval, and chair of the Nomination and Governance Committee with effect from the conclusion of the company’s board meeting on 28 April 2026.

“During the interim period, Hannah Grove, Non-Executive Director, will assume the role of Chair of the Remuneration Committee. John Devine, Non-Executive Director, will assume the role of Senior Independent Director and rejoin the Nomination and Governance Committee. Jonathan will step down as a member of the Audit and Risk Committee.

“While performing the role of chair, Jonathan will receive a fee of £475,000 per annum on a prorated basis in line with the Directors’ Remuneration Policy approved by shareholders at the 2023 AGM. Jonathan will receive no additional director fees in relation to his other roles in the company during the period of his interim appointment …

“The Financial Conduct Authority has been notified of the appointment of Jonathan Asquith as chair of the company and the appointment of Hannah Grove as Chair of the Remuneration Committee. Their respective appointments are subject to receipt of relevant regulatory approvals.”

Asquith said: “On behalf of the board, I would like to thank Sir Douglas for his exceptional contribution to the company since joining the board in 2018. His chairmanship has played a pivotal role in repositioning Aberdeen for success as a leading UK wealth and investments group. On behalf of my colleagues on the board, I wish him all the very best for the future.

“I look forward to continuing to work with Jason and his team to ensure the company doesn’t miss a beat in the execution of its growth strategy.”

Flint said: “It has been a huge privilege to serve as chair of Aberdeen. In what has been quite a journey, I am really proud of what the board and the executive team with the support of our colleagues have achieved together, including simplifying the Group and sharpening our strategic priorities.

“Jason is leading a first-rate executive team, with a clear strategy aimed at building the UK’s leading wealth and investments group. I would like to thank my Aberdeen colleagues for their commitment and support, and I wish Jonathan, Jason and everyone at Aberdeen continued success.”