Standard Life and Aberdeen Asset finalise £11 billion merger
STANDARD Life Aberdeen bosses hailed the launch of a “world class” investment firm after the Scottish fund managers completed their £11 billion merger.
Standard Life and Aberdeen Asset finalise £11 billion merger
The combined group, part of a wider industry consolidation to beat a trend for passive investing to avoid hefty fees, is the UK’s biggest active asset manager with £660 billion under administration.
It aims to make annual savings of £200 million.
Today marks the culmination of many months of hard work and preparation
Co-chief executive Martin Gilbert said: "As ever our priority remains the delivery of strong investment performance and the highest level of client service.
“The merger deepens and broadens our investment capabilities and gives us a stronger and more diverse range of investment management skills as well as significant scale across asset classes and geographies.”
The combined group aims to make annual savings of £200 million
Overall, Standard Life Aberdeen will have offices in 50 cities around the world, servicing clients in 80 countries.
Co-chief executive Keith 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.
"Our leadership team is in place and we have full business readiness from day one."