The deals company set up by former Standard Life Aberdeen co-chief executive Martin Gilbert has acquired a 63% stake in one of Europe's fledgling exchange traded fund providers.

In the latest fund management transaction secured by the City grandee in recent months, AssetCo, which has the backing of  Gilbert and a cohort of other heavyweight investors, has struck a deal to acquire the stake in Rize ETF — a thematic ETF provider set up in 2019 by a team of former Legal & General Investment Management employees.