Posted inBusiness moves

Standard Life/Aberdeen merger to cut 800 jobs

Standard Life Investments and Aberdeen Asset Management plan to make the massive cuts and rename the merged investment groups to `Aberdeen Standard Life Investments'.

The job losses are expected to be phased in during a three-year integration period and will reduce the current combined headcount of 9,000 staff.

Some offices will also be at risk of closure in cases where Standard Life and Aberdeen had bases in the same areas as the firm’s look to  “achieve cost synergies”.

The new details emerged in a Standard Life prospectus published Wednesday, which also confirmed the combined group will be renamed Standard Life Aberdeen plc and the headquarters based in Scotland.

It added that the investment businesses of both firms will be brought together in an investment sub-group which would be named Aberdeen Standard Life Investments.

The latest details on the all-share merger comes as Standard Life announced assets under administration hit £361.7bn in March 2017.

Keith Skeoch, chief executive of Standard Life, said: “We have made further progress in the first three months of 2017 with inflows from our growth channels, including notable growth in flows in our pensions and savings business.

“This has been supported by strong investment performance over the short and long-term.

“We continue to benefit from diversifying our sources of assets, and this strategy will be further enhanced by our proposed merger with Aberdeen.”

Skeoch, along with Aberdeen’s CEO Martin Gilbert, will become co-CEOs of the newly-combined group following completion of the merger.

Sir Gerry Grimstone will become chairman of the newly-combined group’s board with Aberdeen’s Simon Troughton stepping in as deputy chairman.

Aberdeen’s CFO Bill Rattray, and Standard Life Investments Limited’s CIO Rod Paris, will become CFO and CIO of the new firm respectively.

Part of the Mark Allen Group.