The acquisitive asset and wealth management firm recorded a £14.7m profit for the previous year and blamed the loss on high acquisition costs and market volatility.

Mr Gilbert, chairman of the firm and former CEO of Abrdn, attributed the reverse to costs related to its purchase of River & Mercantile which it acquired in January 2022.

He said that the firm has “aggressively” reduced River & Mercantile’ annualised cost base of £32m to £22.5m.

AssetCo was originally one of two firms in the running to acquire River & Mercantile. Rival Premier Miton withdrew from acquisition discussions, leaving AssetCo to acquire the asset manager for £98.8m.

Assets under management increased dramatically for the firm for the year.

Assets under management for AssetCo grew to £3.1bn in comparison to £113m in September 2021.

Campbell Fleming, chief executive of AssetCo, said the setback was “in part driven by a combination of acquisition costs and reorganisation costs as we right-size and integrate our acquired businesses.

“We are delivering on our acquisitive growth strategy whilst maintaining a focus on reducing costs across the business with a £10million annualised cost saving in River & Mercantile achieved.”

During the year AssetCo also acquired stakes in adviser platform Parmenion and Revera.

It also completed its purchase of Saracen Fund Manager and agreed to purchase SVM Asset Management.

Despite the loss for the year, Mr Gilbert said AssetCo continues to look for more acquisition opportunities, especially within the asset management space.

Mr Gilbert was appointed chairman of investment firm AssetCo in March 2021 to spearhead its new acquisition strategy.

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.