New Standard & Aberdeen name revealed

10 May 2017 Director make-up and new name revealed for Standard Life and Aberdeen Asset Management merger, as move will see jobs cut

Asset managers Standard Life and Aberdeen Asset Management have announced that their merged entity will be known as Standard Life Aberdeen.

The change will be almost immediate once the merger has been completed, the firms said.

Standard Life and Aberdeen agreed to a merger back in April, and have since been working out the details of the new organisation, which will be headquartered in Scotland.

They have also revealed the make-up of the board following completion of the merger, with Standard Life chairman Sir Gerry Grimstone continuing as chairman of the new entity, while Aberdeen's chairman Simon Troughton will become his deputy.

Keith Skeoch and Martin Gilbert, chief executives of Standard and Aberdeen respectively, will become co-chief executives of the new organisation.

“The Directors on both boards have extensive global experience and have provided effective stewardship to grow each organisation,” said Sir Gerry. “We have been able to create a diverse board which will have a strong blend of appropriate skills and knowledge.”

However, it has also been revealed that the merger is likely to result in the loss of up to 800 jobs through efficiencies created by the one entity.

The merger is to be put to shareholders at a general meeting in June. If approved, the deal creating the UK's largest asset manager is likely to be completed by the end of the summer.

This page was last updated on:
22 February 2018.


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