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Pensions

Standard Life/Aberdeen merger to see 800 job cuts

Standard Life/Aberdeen merger to see 800 job cuts

Sebastian Cheek
Wednesday 10th May 2017

Approximately 800 jobs are set to be cut following the £11bn merger of Standard Life and Aberdeen Asset Management.

The current 9,000 headcount across both firms will see a “phased reduction” over a three-year period after the acquisition in order to achieve “cost synergies where duplication exists”.

A prospectus published by Standard Life today also said the combined group’s head office will be in Scotland and it will look to consolidate premises where Standard Life and Aberdeen already operate from multiple locations near to each other.

The new company will be named Standard Life Aberdeen and both firms have agreed the combined group will include, and operate under, branding drawn from both Aberdeen and Standard Life.

It is also planned for the investment businesses of the two groups to be brought together in a single investment sub-group named Aberdeen Standard Life Investments.

Standard Life chief executive Keith Skeoch (pictured) and Aberdeen chief executive Martin Gilbert will become co-chief executives of the combined group, as previously reported.

Skeoch will have individual accountability for the day-to-day running of the combined business, including responsibility for investments, pensions and savings, the India and China insurance joint ventures, operations, finance, HR, risk and regulatory culture, as well as the legal and secretariat functions.

Gilbert meanwhile, will have individual accountability for external matters, including responsibility for international activities, distribution including client engagement and business development, marketing and corporate development.

Elsewhere, Gerry Grimstone will become chairman of the board of the combined group and Aberdeen’s chairman, Simon Troughton, will become deputy chairman.

Aberdeen chief financial officer, Bill Rattray, and Standard Life Investments chief investment officer, Rod Paris, will become CFO and CIO of the new group, respectively.

Skeoch 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.

“Standard Life remains confident about capitalising on industry trends, to meet the evolving needs of our clients and customers and to create long-term value for Standard Life shareholders.”

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