Jostling begins for top roles
Standard Life to hike dividend as Kaloo’s star rises
Standard Life will this week unveil a dividend boost for shareholders as senior figures in the newly-combined company jostle for the top jobs.
An 8% hike in the half year payout will accompany an expected 4% rise in operating profit as the company prepares to conclude the tie-up with Aberdeen Asset Management on 14 August.
Standard Life Aberdeen will start with £670 billion of assets under management, but 800 posts are expected to be lost.
Despite the name, Standard Life Aberdeen will be based in Edinburgh. Some offices are also likely to be shut, with attention focused on the Aberdeen Asset Management office in Morrison St which was the former offices of Scottish Widows Investment Partnership.
Standard Life Investments is due to expand into its new offices in St Andrew Square in the coming weeks, possibly at the end of September, and is expected to absorb staff from its new partner.
Senior managers await news of an expected shake-out for the top roles.
A new investment committee comprising an equal mix from the two companies was announced in June and further positions are expected to be confirmed.
The committee will be chaired by Rod Paris, chief investment officer, and will include Devan Kaloo, head of global emerging market equities at Aberdeen Asset Management who is expected to take an enhanced role following the departure of David Cumming as head of equities at Standard Life.
Mr Cumming announced his resignation just days after the merger was revealed in March.
He is said to have been overlooked for the top job at the combined company despite his investments outperforming his peers by 42% over the last year. His five-year performance is up 52%.
The other members of the investment committee are: Brian Fleming, global head of structured solutions; Craig MacDonald, global head of fixed income; Andrew McCaffery, global head of client-driven and multi-manager solutions; Peter McKellar, global head of private and infrastructure equity; David Paine, global co-head of real estate; Sean Phayre, global head of quantitative investing; Mandy Pike, global head of investment execution; Guy Stern, global head of multi-asset and macro investing; Archie Struthers, global head of investment governance and oversight; and Pertti Vanhanen, global co-head of real estate.