Standard Life and Aberdeen Asset Management have completed their merger, creating a combined business running £670bn in assets.
Writing in the Daily Telegraph at the weekend, Standard Life Aberdeen co-chief executive Martin Gilbert said the businesses “will combine our strengths and create a UK-based financial services champion.”
He said: “Standard Life Aberdeen begins life at a time when clients expect new products and solutions to meet their changing needs, and as the tectonic plates underpinning the savings and investments landscape shift.”
Gilbert said individual responsibility for long-term saving, the need for large firms to offer a wide range of investment strategies and pressures on cost were all areas to which the asset management sector needed to respond.
He said: “We know what needs to be done in the months and years ahead and we are confident Standard Life Aberdeen will play a leading role in meeting these challenges.”
The group’s investment business will operate as Aberdeen Standard Investments, and manages a combined £583bn in assets. The merger means the combined company has become one of the largest active managers in Europe.
Standard Life Aberdeen co-chief executive Keith Skeoch adds: “Today 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.
“The co-operation and collaboration we have witnessed bodes well for the ongoing integration of the business, and in helping us create a world-class investment company for our clients, shareholders and our people.”