Kevin Parry, the senior non-executive director at Standard Life Aberdeen, has emerged as the early favourite to succeed Sir Gerry Grimstone as chairman of the UK’s largest listed investment house.

According to people familiar with the board’s thinking, Parry is one of the favoured candidates for the role and has been omitted from the team responsible for searching for Sir Gerry’s replacement. As senior non-executive director, Parry would typically lead or form part of that group.