Standard Life and Aberdeen Asset Management shareholders have both approved the proposed £11bn merger, which will create one of the UK’s largest asset managers.
98.6 per cent of Standard Life votes were in favour of the merger, a London Stock Exchange regulatory filing shows, as were over 95 per cent of Aberdeen’s votes.
Aberdeen chairman Simon Troughton says shareholders recognise the “strategic and financial rationale of the transaction which will create the UK’s largest active asset manager and one of the top 25 globally”.
Troughton says the two businesses’ investment capabilities and distribution channels are “highly complementary” and the strengths of the combined businesses will lie in multi-asset and solutions, alternatives and active specialities, such as emerging markets.
“The new company will have a robust balance sheet and diverse revenue streams, by asset class and distribution channel.”
Troughton adds: “Today represents another landmark for Aberdeen, which started 34 years ago as a £70 million investment trust and grew to become a world-renowned asset manager managing billions of assets and employing thousands of people around the globe.”
Standard Life chairman Gerry Grimstone says he is “delighted” with the vote, stating it will be “one of the most significant events in our near-200 year history”.
“Proudly headquartered in Scotland, and employing some of the best talent in our industry, our new combined company will continue to put our customers and clients across the world at the centre of everything we do.”
Grimstone says the firms are still on track for a completion date of 14 August.
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