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Standard Life Aberdeen: a $870bn investment giant is born

Standard Life Aberdeen: a $870bn investment giant is born

Five months after stunning the investment world with their mega-merger plan, Standard Life and Aberdeen Asset Management have officially become one.

After receiving court approval in the UK last week, the entire issued ordinary share capital of Aberdeen is now owned by the new entity called Standard Life Aberdeen.

The business becomes one of the world's largest investment companies, with £670 billion ($868.7 billion) in assets under administration and a market capitalization of more than £11 billion ($14.3 billion).

The group’s investment business, Aberdeen Standard Investments, manages £583 billion ($755.9 billion) of assets, making it one of the largest active managers in Europe. 

The combined business it will have over 1,000 investment professionals based around the world.

Meanwhile, the group's pensions and savings business, which keeps the Standard Life name, has around 4.5 million customers and is based primarily in the UK, but with operations in Ireland and Germany too. 

Overall, Standard Life Aberdeen will have offices in 50 cities around the world, servicing clients in 80 countries. 

'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,' Standard Life Aberdeen co-chief executive Keith Skeoch (pictured right) told the market. 

'Our leadership team is in place and we have full business readiness from day one. Our people have worked exceptionally well together to complete the merger on schedule and we would like to thank them for this.

'The co-operation and collaboration we have witnessed bodes well in helping us create a world-class investment company for our clients, shareholders and people.' 

Fellow chief executive Martin Gilbert (pictured left) added: '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. We believe this will enable us to deliver an even better proposition and service to our enlarged client base.'

The merger, first announced in March, has had to clear a series of hurdles, having gained approval from shareholders in June and then clearnce from the UK's competition and markets authority in July. 

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