Your IndustryJul 25 2017

Standard Life and Aberdeen merger given green light

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Standard Life and Aberdeen merger given green light

The merger between Standard Life and Aberdeen Asset Management has been given regulatory approval.

The Financial Conduct Authority and Prudential Regulation Authority have both signed off the deal.

Before the merger can proceed there must now be final approval in a court hearing scheduled for Friday 11 August.

On the basis of this timetable, the two companies are expecting the merger to go ahead on Monday 14 August.

Last month shareholders of both companies overwhelmingly voted to create Standard Life Aberdeen, a company with £660bn in assets under management, after the merger was announced in March.

Eight hundred jobs are expected to go following the deal, which will see the merged entity remain headquartered in Scotland.

The board will contain equal representation from both businesses, and more than £35m is being paid out in retention bonuses to keep top executive talent.

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.

damian.fantato@ft.com