Industry veteran Alan Steel dies after Covid-19 illness

Friday, 17 September 2021 10:19

Industry veteran Alan Steel, chairman of Alan Steel Asset Management, has died after losing his battle with Covid-19.

Further details of his passing and tributes are set to be released by his Scottish-based company shortly.

The 74-year-old was hospitalised in August after catching Covid-19.

He was a regular Twitter user and in a poignant message to his near 4,000 followers on 22 August he wrote: “To all my Twitter followers you may wonder why I’ve been so quiet. For the best part of 2 weeks I fought a losing battle with Covid. Been on oxygen in hospital since. Moving to intensive care. Today. This is one nasty illness. Fingers crossed I make it thro.”

Initially he responded well to treatment but his health later deteriorated.

Mr Steel founded Alan Steel Asset Management in Linlithgow, Scotland, in the early seventies. He had been chairman of Alan Steel Asset Management for 46 years.

He set up the company after achieving an MA (Hons) in Geography and Mathematics at University of Edinburgh.

The company became nationally known through Mr Steel’s regular writing for many publications. His strong and often contrarian views on investments drew many supporters.

His Twitter account, using the name @asibiza1 was popular with many Financial Planners and investment professionals and he often Tweeted about investment matters as well as his love of Ibiza and good wine.

On Twitter today many of his friends sent messages of condolence.

Investment commentator Mark Dampier wrote: “This is very sad news. We were only conversing on Twitter a few weeks ago. He had been so kind to me with advice over the last few years. A huge loss to his family and indeed to the financial industry.”

And Financial Planner and Financial Planning Today columnist Martin Bamford wrote: “I'm very sorry to hear that. Rest in peace, Alan.”

Dennis Hall @YellowtailFP of Yellow Tail Financial Planning posted on Twitter: "As a personal mark of respect to a giant of financial services I'll be silent on

@twitter today. #RIP @asibiza1 you were a leading figure when I joined Financial Services in the 80's and you stayed at the top of your game ever since."

Hugh Docherty of East Coast Wealth described Mr Steel as, "A gentleman and a scholar. RIP Alan x"

Financial Planner Robert Reid @reidremoney posted on Twitter: "I first met Alan back in the eighties, we lost touch but around 6 years ago we had regular catch ups. We didn’t always agree but we respected each other’s view. I will miss him RIP Alan and my condolences to Fran and his family."

AJ Bell senior technical consultant Rachel Vahey @RayVay said: "Incredibly sad news about the passing of @asibiza1 He was a legendary figure and a true Scottish institution."

Plan Works owner Nathan Fryer @fryer_nathan said on Twitter: "May he rest in peace, he is such a lovely man, I had many dealings with him during my time at Fidelity and subsequently on twitter. Always a very measured and professional member of the community. My thoughts go out to his family and friends."

Ollie Smith, a journalist at New Model Adviser, posted on Twitter: "Just wanted to add my own story about how brilliant @asibiza1 was. In 2019 I started raising that money for RNIB, with a view to doing a charity skydive in March 2020. Alan got wind of it and sent me a cheque for a grand in the post. We'd never even met. RIP mate, rest easy."

Financial Planner Iain Wishart posted: "RIP @asibiza1 🥲 #AlanSteel - always a very entertaining guy

Fellow Financial Planner Warren Shute CFP said: "A true legend in our profession, I’m very saddened to hear this news, my thoughts are with his family and friends."

• This story will be updated throughout the day with tributes and further information. Please check back later.