Standard Life does ‘not expect job losses’ in wealth merger

Standard Life has said it does “not anticipate any job losses” from the forthcoming merger of its Wealth division into Standard Life Investments (SLI).

Subject to FCA approval, Standard Life Wealth will be absorbed by SLI on January 1 2014, with Wealth chief executive Richard Charnock reporting to SLI’s chief executive Ken Skeoch.

A spokesman for the group said all staff will remain in the same role, except for Mr Charnock.

Article continues after advert

“Apart from Richard Charnock, everyone else will stay in the same role and we do not anticipate that there are no job losses anticipated,” a spokesman for the group said.

“What people do on a day-to-day basis will be the same and the reporting lines will be the same. Not an enormous amount will change.”

Mr Skeoch said the decision had been made following the acquisition of Newton’s private client division, which significantly increased the assets under management at Standard Life Wealth to £5.5bn.

He said: “We see substantial opportunities to accelerate the growth of Standard Life Wealth from its strong base as a whole-of-market discretionary fund manager of significant scale and market presence.

“Standard Life Investments’ infrastructure, internal expertise and international exposure will provide strong support for future growth.”