Home Business NewsBusiness Standard Life and Aberdeen Asset £11bn merger complete

Standard Life and Aberdeen Asset £11bn merger complete

14th Aug 17 3:48 pm

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The £11bn merger of Standard Life and Aberdeen Asset Management has been completed, creating Europe’s second-biggest fund manager.

The merger between the two-Scottish based investment groups was finalised following court approval last week after being initially agreed in March earlier this year.

The combined company will trade as Standard Life Aberdeen and will oversee £670bn worth of assets.

The company will be jointly led by Keith Skeoch former chief executive of Standard Life and Adberdeen’s Martin Gilbert as co-Chief Executive’s.

Keith Skeoch, co-Chief Executive who will manage the day-to-day running of the company said the merger ‘marks the culmination of many months of hard work and preparation by our business and the beginning of a new chapter in our history as Standard Life Aberdeen plc’.

Standard Life Aberdeen will have offices in 50 cities around the world, servicing clients in 80 countries.

The merger is targeting cost savings of £200m a year, with around 800 jobs expected to be lost over a three-year period from the current global workforce of 9,000 staff.

Martin Gilbert, co-Chief Executive who will take charge of external affairs added: “The merger deepens and broadens our investment capabilities and gives us a stronger and more diverse range of investment management skills as well as significant scale across asset classes and geographies. We believe this will enable us to deliver an even better proposition and service to our enlarged client base.”

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