The deal comes a month after its agreement to buy River & Mercantile. 

AssetCo, chaired by Mr Gilbert - founder of Aberdeen Asset Management, will purchase all the ordinary shares of Revera Asset Management.

The deal has yet to be approved by the FCA.

Mr Gilbert has a long track record in asset and wealth management. He co-founded Aberdeen Asset Management in 1983 and was CEO from 1991 to 2017. In 2017 Aberdeen Asset Management merged with Standard Life to form Standard Life Aberdeen.

Mr Gilbert is also chairman of app-based robo adviser Revolut Ltd and Toscafund, deputy chairman of River and Mercantile Group and senior independent director of Glencore.

Revera is a fund management business based in Edinburgh, founded in 2003.

It has two funds, operating on the Smith & Williamson Fund Administration platform. The S&W Revera UK Dynamic Fund has approximately £108m of assets under management, and the Skye Trust has approximately £10m of assets under management.

The funds are managed by Stephen Grant and Glen Nimmo.

Following completion of the acquisition, AssetCo said Revera will “work alongside” Saracen Fund Managers Limited, another Edinburgh based asset manager which was acquired by AssetCo in July 2021. AssetCo also plans to combine River & Mercantile with Saracen.

Campbell Fleming, CEO of AssetCo, said: "Revera is home to a couple of highly regarded and experienced fund managers in Glen Nimmo and Stephen Grant.

“The acquisition of Revera is the next step in our plan to establish an active equity platform as part of our overall strategy to build an asset and wealth management business that delivers for investors in the 21st century.

"The acquisition also demonstrates our commitment to a presence in Scotland, where there is a genuine breadth and depth of talent. We expect Edinburgh to be home to a sizeable and growing proportion of AssetCo's investment capabilities, adding new teams and businesses as opportunities arise.”

The five-man Revera team will join AssetCo on the completion of the acquisition.

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

Other acquisitions made by the firm include a £27.8m stake in DFM and adviser platform Parmenion and ETF issuer Rize ETF.