Shareholders to vote Standard Life's merger with Aberdeen Asset Management today
- Author: Zachary Reyes Jun 19, 2017,
Jun 19, 2017, 18:17
Shareholders are set to vote on an £11bn merger between Standard Life and Aberdeen Asset Management.
Standard Life CEO Keith Skeoch will be responsible for managing the operations of the combined business, while Aberdeen's Martin Gilbert will have a client-facing role. David McCann, analyst at Numis Securities, said he believed the deal will be voted through by shareholders.
The deal announced in March is due to complete in mid-August and will create Britain's biggest listed asset manager and one of the world's top 25 active fund management companies. The potential tie-up is linked to the FTSE 100 group's upcoming tie-up with smaller London-listed peer Aberdeen Asset Management (LON:ADN).
Scottish Widows is reportedly planning to merge with rival provider Standard Life.
As well as institutional shareholders, Standard Life will also have to convince a sizeable number of retail investors, which make up half of its share register.
The nod from shareholders comes after the merger last month triggered an investigation by the UK's Competition and Markets Authority, which will decide by mid-July whether any impact on market competition warrants further investigation.
Lloyds, which owns Scottish Widows, already has close links with Aberdeen after selling Scottish Widows Investment Partnership to the firm in 2013 and taking a 10% stake in Aberdeen as part of the deal.