The Income Statement for the six months ended 31 March 2021 shows revenue of nil (2020: nil), but a profit before taxation of £22.3 million (2020: loss £0.7m), which principally arose from the final payment received from the successful negligence claim against Grant Thornton.

In his chairman’s statement, Mr Gilbert said he was pleased to report ‘significant progress in the development of the company’. He said the first half of the year started with the successful conclusion of the Grant Thornton litigation and the receipt of the remaining litigation award and costs. This resulted in AssetCo having accumulated cash balances of approximately £57.8m.

He added that this formed the basis for returning £26.9m to shareholders, by way of a tender offer, and for the balance of £30.9m to provide the initial resources for the Company’s new asset and wealth management strategy.

The company’s net assets as at 31 March 2021 were £31.1m (2020: £28.4m. This primarily comprised the recent investment in River and Mercantile Group PLC shares of £10.8m, where the company holds 5.85% of the issued equity share capital, and cash balances, less net current liabilities, of £20.3m.

The half-year results also provided an update on the firm’s recent acquisition of Edinburg-based Saracen Fund Managers. The deal was worth £2.75m, being paid for through a share placement.

Subject to approval by the Financial Conduct Authority (FCA), the admission of new shares in AssetCo to trading on the Alternative Investment Market is expected by the end of September.

Commenting on the results, Martin Gilbert said: “Our new business strategy, approved by shareholders in April, is to invest in, build and operate asset and wealth management businesses. The financial services sector is facing numerous challenges, but the importance of the industry in enabling clients and customers to achieve their financial goals is even greater.

“We believe AssetCo can play a key role by investing in, supporting and developing businesses to meet the needs of investors. Our investment in River and Mercantile Group and our conditional acquisition of Saracen Fund Managers are part of this thinking. Over the coming months we hope to announce further activity as we roll out AssetCo’s strategy and build the business.”

Mr Gilbert is the former chief executive and a co-founder of Aberdeen Asset Management (AAM). He was also co-chief executive and vice chairman of Standard Life Aberdeen.