Asset managers Standard Life and Aberdeen Asset Management are to come together in a merger that will see the creation of co-chief executives and Sir Gerry Grimstone take on the chairmanship of the merged group.
Keith Skeoch, of Aberdeen, and Martin Gilbert, of Standard Life, will take on the co-chief executive roles in a novel restructuring of the company board. While Sir Gerry will chair, Aberdeen’s chairman, Simon Troughton, will become deputy chair.
Market capitalisation of the new unit will be £11.3bn. The companies have prepared a detailed presentation on the benefits of the merger, including £200m in annual “cost synergies”.