Standard Life and Aberdeen merger gets go-ahead

Standard Life and Aberdeen merger gets go-ahead

Shareholders of both Aberdeen Asset Management and Standard Life have overwhelmingly back a merger between the firms.

At meetings held this afternoon, investors in both firms voted to create Standard Life Aberdeen, a business with £660bn in assets under management.

Aberdeen's vote saw 95 per cent of shareholders back the vote.

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Chairman Simon Troughton said: "[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.

"This deal opens up significant opportunities across all facets of Aberdeen's business and is an important step towards realising the company's ambition of creating a world-class investment business with a truly global footprint.”

Meanwhile 99 per cent of Standard Life shareholders approved the deal.

Sir Gerry Grimstone, chairman of the insurance firm, said: "Our merger with Aberdeen will be one of the most significant events in our near-200 year history, creating a well-diversified world-class investment company."

The new entity's asset management business is to be called Aberdeen Standard Life Investments, in a departure from the style applied to the main company.

The deal is on track to complete by mid-August following the approvals.