Standard Life Aberdeen deal completes

The£11billionmergerbetween Standard Life and Aberdeen Asset Management (AAM) completed yesterday, creating one of the world’s largest investment companies.

The combined group, called Standard Life Aberdeen, has assets under administration of some £670 billion and more than 1,000 investment professionals around the world.

However, the deal – revealed in March – will see about 800 jobs lost from the global workforce of 9,000 over a three-year period as bosses target savings of £200 million a year.

Completion of the merger comes after the tie-up was sanctioned at the Court of Session in Edinburgh last Friday.

Standard Life Aberdeen will be jointly headed by Keith Skeoch, previously chief executive of of Edinburgh-based Standard Life, and his former AAM counterpart, Martin Gilbert.

Skeoch said: “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 plc. Our leadership team is in place and we have full business readiness from day one. Our people have worked exceptionally well together to complete the merger on schedule and we would like to thank them for this.

“The co-operation and collaboration we have witnessed bodes well for the on-going integration of the business, and in helping us create a world-class investment company for our clients, shareholders and our people.”

Overall, Standard Life Aberdeen will have offices in 50 cities. 0 Keith Skeoch – merger a ‘culmination of hard work’