Shareholders have approved the proposed merger between Standard Life and Aberdeen Asset Management Inc.
At Standard Life’s general meeting on Monday, 98.6 per cent of shareholders voted in favour of the all-share merger announced in March 2017.
The merged investment firm, which will rebrand as Standard Life Aberdeen, will have its headquarters in Scotland.
“Our merger with Aberdeen will be one of the most significant events in our near 200-year history, creating a well-diversified world-class investment company,” said Gerry Grimstone, chairman of Standard Life, in a news release. “There are still some approvals to be granted before the merger can complete, and I know the teams in both companies are working through these diligently.”
Referring to support from Aberdeen shareholders for the proposed merger, Simon Troughton, the company’s chairman, said the deal opens up significant opportunities across all facets of Aberdeen’s business. “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,” he said.
“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. The new company will have a robust balance sheet and diverse revenue streams, by asset class and distribution channel. This will facilitate investment in the business to support long-term growth and shareholder returns.”
According to a news release, the merger is on track for a completion date of Aug. 14.