Sir Gerry Grimstone, the outgoing chair of Barclays Bank, is to take the top oversight role at the new joint-venture fund set up between Aberdeen Standard Investments and Investcorp, the Bahraini investment group.

Aberdeen Standard and Investcorp said on February 13 they would set up the joint venture fund, which will invest in infrastructure projects in the Gulf region. On February 26, they announced Grimstone will chair the project.