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Alternative Market Briefing

Standard Life and Aberdeen agree to tie-up

Tuesday, March 07, 2017

Bailey McCann, Opalesque New York:

As pressures on active managers mount, Aberdeen Asset Management and Standard Life Investments have announced a merger of equals. The two companies will consolidate similar funds as part of the process and are expected to use the deal to elevate the strengths of both investment firms into a single, better performing entity.

According to a joint statement from both firms, the new combined entity will be headquartered in Scotland and will retain a primary focus on active management. If the merger is approved, the combined entity will be worth approximately GBP11 billion.

Standard Life shareholders will own approximately 60 percent of the combined entity with Aberdeen shareholders owning the remaining 40 percent.

"The strategic fit is compelling and creates a business with minimal client overlap and which is diversified by revenues, asset class and distribution channel. The combination will result in a material enhancement to earnings and this, coupled with a strong balance sheet, will facilitate significant investment in the business to support growth, innovation and a progressive dividend policy," Aberdeen's chairman, Simon Troughton said in a statement on the transaction.

Aberdeen and Standard Life are also making an effort to retain several top executives. Sir Gerry Grimstone, the current chairman of Standard Life will become chairman of the board of the combined group with Simon Troughton, Chairman of Aberdeen, beco......................

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