The combined Standard Life Aberdeen will rank in the top 25 global asset managers. The scale of the business is hoped to save £200 million in annual costs, with 800 jobs expected to be eliminated from a workforce of 9,000 over the next three years.
Aberdeen chair Simon Troughton said: ‘Today represents another landmark for Aberdeen, which started 34 years ago as a £70 million investment trust.
‘The two businesses' investment capabilities and distribution channels are highly complementary and by combining them we are well positioned to compete in an evolving global market environment.
‘The strengths of the combined businesses in multi-asset and solutions, alternatives and active specialities, such as emerging markets, are strongly aligned to the needs of clients now and in the future.’
More than 95% of Aberdeen shareholders and 98% of Standard Life shareholders backed the merger. At the close of market yesterday shares in Aberdeen were 5% higher at 299p while Standard Life was 2.3% higher at 398p.