View more on these topics

Competition regulator to investigate Standard Life Aberdeen deal

CMA to investigate competition fallout from mega-merger

The Competition and Markets Authority is investigating Standard Life’s proposed takeover of Aberdeen Asset Management.

The pair released their full merger prospectus earlier this month after agreeing an £11bn mega-merger in March.

Plans include reducing headcount by 800, “combining” their platforms and premises, and a new board to be led by Standard Life chairman Gerry Grimstone.

The merged business will be renamed Standard Life Aberdeen.

The CMA informed both parties today that it would be investigating the competition implications of the deal, that would create a global asset management powerhouse controlling around £660bn assets.

Standard Life and Aberdeen to cut 800 jobs in merger

The CMA has until 18 July to make its decision on whether the deal will result in the “substantial lessening of competition within any market or markets in the United Kingdom for goods or services.”

The regulator is taking written feedback on any competition or public interest concerns from now until 9 June.

Recommended

Standard Life boss: ‘No reason’ for advisers to abandon Elevate platform

Standard Life says there is no reason for advisers to abandon Axa Elevate as it completes its acquisition of the platform. The acquisition was announced in May and will almost double Standard Life’s customer base. Speaking to Money Marketing, Standard Life adviser and wealth manager propositions head David Tiller says the completion of the deal brings […]

60

Paul Lewis: Why the FCA must shake up adviser websites

Businesses generally say they welcome competition. Because competition is a “good thing”. Unlike Government interference, which is a “bad thing”. It distorts the market, and distorting the market is always bad. Very bad. Especially when done by politicians. All that is nonsense, of course. Firms do not want competition. The ideal state for a business […]

Pensions - thumbnail

Preparing for the changes to the pensions market

As more and more providers start to reveal their stance on the charge cap and removal of commission and active member discount pricing, we thought it would be worthwhile to look at what these are, and the steps businesses should be taking to prepare for this.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment