Standard Life has completed the acquisition of its rival Aberdeen Asset Management, bringing £670 billion of combined assets under one roof.
First announced in March, both firms said the merger will create an investment group with “strong brands and a leading global distribution platform, enhancing proximity to clients”.
Keith Skeoch, the CEO at Standard Life, and Martin Gilbert, CEO at Aberdeen Asset Management, will jointly run Standard Life Aberdeen as co-CEOs.
At the time of the announcement, Gilbert explained the merger “brings financial strength, diversity of customer base and global reach to ensure that the enlarged business can compete effectively on the global stage”.
Skeoch commented this morning that 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”.
In May, Standard Life and Aberdeen Asset Management said they expect to cut around 800 jobs globally following the completion of the merger.
The reduction in headcount - which currently stands at 9,000 - has been estimated as part of integration and restructuring and it is expected to be phased-in over three years.
“Standard Life and Aberdeen expect to achieve cost synergies where duplication exists and by taking advantage of opportunities to leverage the additional scale of the combined group,” a statement seen at the time said.