Big staff transfer
Standard Life Aberdeen completes Phoenix handover
Martin Gilbert and Keith Skeoch, co-CEOs, Standard Life Aberdeen, with Clive Bannister, CEO of Phoenix (centre)
Phoenix Group has completed its £3.28 billion acquisition of Standard Life Aberdeen’s UK and European insurance business.
The company will become one of Scotland’s biggest employers with 2,900 of its 3,500 staff based in Edinburgh and a further 30 in Glasgow.
The Phoenix Group is the largest consolidator of heritage life insurance books in Europe, using a specialist operating model to manage and integrate heritage books of business.
Susan McInnes has been appointed chief executive of SLAL and Jim McConville as group director, Scotland, in addition to his role as Phoenix Group Finance Director. Both will be based in Standard Life House in Edinburgh.
Phoenix and Standard Life Aberdeen now form a strategic partnership in the UK long term savings market, with Phoenix licensing the use of the Standard Life brand.
Standard Life Aberdeen’s global asset management company, Aberdeen Standard Investments, is the asset manager of choice for Phoenix.
Susan McInnes: new CEO
Standard Life Aberdeen now owns a 19.99% stake in the Phoenix Group.
CEO of Phoenix, Clive Bannister, said: “This deal will result in Phoenix becoming Europe’s largest consolidator of heritage life funds, and the ongoing Strategic Partnership with Standard Life Aberdeen plc will provide additional growth opportunities. This strategically and financially compelling transaction supports our vision to be Europe’s Leading Life Consolidator.”
Barry O’Dwyer and Campbell Fleming, both nominated by Standard Life Aberdeen, have been appointed non-executive directors of the company.
Sir Gerry Grimstone, chairman of Standard Life Aberdeen, said: “This is a momentous day for Standard Life Aberdeen as we continue to build a world-class investment company.
“Corporate transformations of this scale require clear vision and huge commitment from all those involved. Maintaining continuity of service and enhancing optionality for all our customers and clients has been a key imperative. My very best wishes for the future to all our employees and customers who are transferring to Phoenix”.
Standard Life Aberdeen will retain its adviser platforms (Wrap, Elevate and Parmenion) and financial advice business (1825) with £58bn of assets under administration (AUA).