Shareholders back £11bn Standard Life-Aberdeen merger deal
The enlarged group will be called Standard Life Aberdeen.
Shareholders have overwhelmingly backed an £11 billion tie-up between Standard Life and Aberdeen Asset Management.
More than 95% of investors at Aberdeen and 98% at Standard Life voted in favour of the deal during general meetings held on Monday.
The enlarged company, to be called Standard Life Aberdeen, will be headed up by Keith Skeoch and Aberdeen boss Martin Gilbert with a bumper 16-member board.
Simon Troughton, chairman of Aberdeen Asset Management, said the result was a “landmark” in the firm’s history.
He said: “We are pleased with the overwhelming support Aberdeen shareholders have shown for the proposed merger.
“They recognise the strategic and financial rationale of the transaction which will create the UK’s largest active asset manager and one of the top 25 globally.
“This deal opens up significant opportunities across all facets of Aberdeen’s business and is an important step towards realising the company’s ambition of creating a world-class investment business with a truly global footprint.”
The deal also faces regulatory scrutiny, with the Competition and Markets Authority last month launching an investigation to ascertain if the tie-up could harm competition within the industry.
If it gets the green light, the merger will create Europe’s second-biggest fund manager with £670 billion under management.
The merger, which was agreed in March, is targeting cost savings of £200 million a year, with around 800 jobs expected to be lost over a three-year period from a global workforce of 9,000.
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