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Standard Life completes merger with Aberdeen


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Standard Life completes merger with Aberdeen

Standard Life Plc and Aberdeen Asset Management Plc completed their all-share merger, and began trading Aug. 14 under the name of the new combined entity.

Immediately after the court-sanctioned scheme of arrangement between the two companies became effective, Standard Life was renamed Standard Life Aberdeen Plc, and its ticker on the London Stock Exchange was changed to SLA from SL.

Standard Life Aberdeen now owns the entire issued ordinary share capital of Aberdeen.

Standard Life Aberdeen said holders of ordinary shares of 10 pence each in the capital of Aberdeen on the register Aug. 11 will receive 0.757 of an ordinary share of 12 2/9 pence each in new shares in exchange for each Aberdeen share. A total of 997,661,231 new shares will thus be listed and admitted to trading on LSE, after which Standard Life Aberdeen's issued share capital will comprise 2,977,229,231 ordinary shares and the same number of voting rights, as each share carries the right to one vote.

Standard Life Aberdeen also confirmed the composition of its new board, effective Aug. 14. The combined group's board is made up of the chairman and the deputy chairman, four executive directors and 10 nonexecutive directors, nine of whom are independent.

Standard Life's Gerry Grimstone remains as chairman of the combined entity, while Aberdeen Chairman Simon Troughton was named deputy chairman. Kevin Parry, John Devine, Melanie Gee, Lynne Peacock and Martin Pike remain as nonexecutive directors of the group.

Standard Life's Keith Skeoch, who is co-CEO of the combined group, remains as an executive director, while Aberdeen's Martin Gilbert, who serves alongside Skeoch as co-CEO, was appointed as an executive director. Aberdeen CFO Bill Rattray and Standard Life Investments Chief Investment Officer Rod Paris, who hold those same positions in the combined company, were also appointed as executive directors.

Meanwhile, Julie Chakraverty, Gerhard Fusenig, Richard Mully, Jutta af Rosenborg and Akira Suzuki, who were previously board members of Aberdeen, were appointed as nonexecutive directors of Standard Life Aberdeen.

In addition, the following Aberdeen executives resigned from its board: Deputy CEO Andrew Laing, Asia Managing Director and Group Head of Investments Hugh Young, Group Head of Risk Rod MacRae and nonexecutive director Val Rahmani. However, Laing will remain as joint head of integration and Young will remain as head of Asia. MacRae's employment, meanwhile, will continue until Oct. 31.

Meanwhile, the following Standard Life executives have now stepped down from the board: Global Client Director Colin Clark, CFO Luke Savage and Pensions and Savings CEO Barry O'Dwyer. Clark will leave the company after Dec. 31, while Savage will leave Feb. 28, 2018. O'Dwyer, however, will remain CEO of pensions and savings.

Standard Life nonexecutive directors Pierre Danon and Noel Harwerth have resigned from their roles.