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Standard Life and Aberdeen agree £11bn mega merger

Standard Life and Aberdeen have announced a shock £11bn merger deal which is set to create the biggest active management group in the UK and the second largest in Europe.

Skeoch Keith Standard Life £11bn merger deal

News of the deal emerged over the weekend, with the tie-up between the companies creating a combined group that will run over £660bn in assets.

Branding of the combined group will incorporate both the Standard Life and Aberdeen names.

The merger is expected to result in cost savings of £200m a year, and reports suggest up to 1,000 jobs could be at risk.

Under the terms of the deal, Standard Life shareholders will own two-thirds of the combined group, with Aberdeen shareholders owning a third.

Standard Life chairman Sir Gerry Grimstone will become chairman of the merged company, with Aberdeen chairman Simon Troughton becoming deputy chairman.

Standard Life chief executive Keith Skeoch and Aberdeen chief executive Martin Gilbert will run the combined business.

Aberdeen’s Bill Rattray will become chief financial officer while Standard Life’s Rod Paris will become chief investment officer.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. So it seems that 1,000 jobs may be lost. Probably all back office. However it has been reported that (in Aberdeen’s case) total staff costs are £400 million p.a. with a staff of 3,000. Mt arithmetic tells me that is an average salary of £133,000. Perhaps they are looking in the wrong places to save money? After all admin is bad enough already.

  2. Nicholas Pleasure 6th March 2017 at 10:15 am

    Expect to see more of this as lethargic, old fashioned insurance companies with awful customer service and pitiful products attempt to stem the catastrophic fall in their new business revenues as the IFA community look to newer players and platforms for client solutions. Obviously, I’m not saying that this necessarily applies in this case! It is hard to see the point of most insurers now – they have completely failed to predict the market and now look like the dinosaurs that they have been for years.

    Sadly I suspect that merging with a fund manager will simply drag the fund manager down rather than improve things for the desperate insurer. Anyone remember Axa Framlington; or Axa for that matter?

  3. So is it just jobs for the boys?

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