Move prompted by Brexit
Court backs switch of Standard Life assets to Dublin
Assets on the move from Edinburgh
Standard Life Assurance has transferred almost £17 billion (€19bn) of assets to its Dublin office to ensure continuity of service for European customers when the UK leaves the EU.
Following approval by the Court of Session in Edinburgh, about 600,000 Irish, German and Austrian customer policies will switch to Standard Life International, guaranteeing continued passporting rights.
The company has added 20 staff to handle risk, finance and actuarial services in the Irish capital where it will have €26bn of assets under administration (AUA).
It will become the second largest life company in Ireland behind Irish Life which has €47bn of AUA and will push Zurich, with €21bn, into third place. Aviva is fourth with €14bn.
Nigel Dunne, chief executive of Standard Life International, said: “On behalf of our customers, we are delighted with the positive court ruling.
“It allows us to ensure a seamless continuity of service for all our clients which has been our top priority since the 2016 Brexit referendum. Customers will not be inconvenienced and don’t need to take any action, there will be no noticeable difference from their perspective in any Brexit outcome.”
Standard Life made its application to the court last September and was required to inject €290 million into its Irish business to meet the Republic’s regulatory capitalisation requirements.
Barclays is transferring about €190bn of assets to its Irish unit in advance of Brexit, including its business in France, Germany, Portugal, Spain and Sweden.
It will make it the biggest bank in Ireland by assets. The transfer is one of the most significant corporate moves made by a UK entity in advance of Brexit. The bank is doubling the number of staff in Ireland to 300 by the end of the year