Monday, 17 December, 2018

Standard Life share price: Group seen poised to merge with Scottish Widows

Alfred Dunhill Links Championship- Day One Aberdeen Asset Management chief executive Martin Gilbert will be co-chief executive of the merged company
Laurie Berry | 19 June, 2017, 18:21

"The two businesses' investment capabilities and distribution channels are highly complementary and by combining them we are well positioned to compete in an evolving global market environment", said Aberdeen chairman Simon Troughton.

Aberdeen shareholders also voted in favour of the merger, with 96% of votes in support of the motion.

The Sunday Times has reported discussions between Standard Life and Scottish Widows will begin this week, citing the group's prospectus for the Aberdeen deal.

Shareholders have overwhelmingly backed an £11bn tie-up between Standard Life and Aberdeen Asset Management.

Portugal says 1 of its soldiers killed in Mali terror attack
There were an unknown number of off-duty members of the UN Minusma multinational force stationed in Mali in the area at the time. A devastating attack on the Radisson Blu Hotel in Bamako later that year left 20 dead - six Malians and 14 foreigners.

Standard Life, which will transition from a traditional insurer to an investment powerhouse, required the backing of at least 50% of its shareholders to go ahead.

Miranda Seath, Head of Intermediary Research at Platforum, commented: "A merger between Scottish Widows and Standard Life would create a combined group with assets under management in DC schemes north of £70.6 billion - making it the largest defined contribution player by assets". SWIP's AUM accounts for about one third of Aberdeen's. "This would be of benefit to Standard Life if it plans to keep the proposition and front-end technology separate following a merger, which seems likely given its strategy for the Elevate and Standard Life Wrap platforms". As a result of that deal, Lloyds holds a near 10-percent stake in Aberdeen.

In the prospectus on the merger earlier this year, the groups stated that the new combined firm would have discussions on its strategic partnership with Lloyds.

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