The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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in the active asset management industry will be determined by being big or boutique: you do not want to be stuck in the middle. 'We think the deal reflects Aberdeen and Standard Life choosing to be big.'
Shareholders today overwhelmingly backed an £11billion merger between Standard Life and Aberdeen Asset Management. More than 95 per cent of investors at Aberdeen and 98 per cent at Standard Life voted in favour of the deal during general meetings held on Monday. Standard Life shares were trading up 2 per cent at 397.05p while Aberdeen shares soared 4 per cent to 298.65p after the announcement. The enlarged company, to be called Standard Life Aberdeen, will be headed by Keith Skeoch and Aberdeen boss Martin Gilbert with a bumper 16-member board. The merger is targeting cost savings of £200million a year, with around 800 jobs expected to be lost over a three-year period from a global workforce of 9,000. It comes after reports that Standard Life will also start talks to merge with Scottish Widows, a subsidiary of Lloyds, after the Aberdeen merger goes through on 14 August. Standard Life declined to comment on this 'speculation' when contacted by This Is Money. Aberdeen also refused to comment. Gerry Grimstone, chairman of Standard Life, said the deal was 'one of the most significant events' in the history of the company. '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,' he added. 'We are still on track for a completion date of 14 August and will keep our shareholders informed of developments.' Simon Troughton, chairman of Aberdeen Asset Management, said the result was a 'landmark' in the firm's history. He said: 'We are pleased with the overwhelming support Aberdeen shareholders have shown for the proposed merger. They recognise the strategic and financial rationale of the transaction which will create the UK's largest active asset manager and one of the top 25 globally. '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. '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. 'Today represents another landmark for Aberdeen, which started 34 years ago as a £70 million investment trust and grew to become a world-renowned asset manager managing billions of assets and employing thousands of people around the globe. 'This deal opens up significant opportunities across all facets of Aberdeen's business and is an important step towards realising the company's ambition of creating a world-class investment business with a truly global footprint.' David McCann, analyst at Numis Securities, said: 'Future success
what should this bring to SL share price in the future good raise today
LONDON, June 19 (Reuters) - The shareholders of Standard Life and Aberdeen Asset Management both gave their backing to a planned 11 billion pound ($14.04 billion) merger at company meetings held on Monday. A total of 95.8 percent of Aberdeen shareholders voted for the merger, as did 98.6 percent of Standard Life shareholders. The merger, announced in March, is due to complete in mid-August
wonder what happens if it gets a no?
Possible £900 million payday...nice!
From Cityam: Standard Life is ready to sell its £16.1bn annuity book after shareholders have approved the merger with Aberdeen Asset Management. Phoenx, Rothesbury Life or the Pension Insurance Corporation are possible buyers. Keith Skeoch, "if there is benefit to shareholders". Let us see if the share price rises!
Usual holding declarations due to merger, bar the last one.
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good volume today 1m sell 6m buys
Personally, I'm happy for it to stay below this level, at least until they can buy my DRIP allocation!!
Another good week for share price ,hoping next week may see share price continuing to move up
Blue again today , looking like may be another blue day to finish of this week
Also received my letter Today , interested to read people views ,thinking of buying more have invested in xtr at i think a low price it looks like starting to move ,if i topslice some my profits moving to standard life have held this share for quite a number of years and would like to build up a larger holding would be interested in reading people views , merger
Just received my letter re merger..........................
Does anyone have any thoughts on how the proposed merger with Aberdeen Asset Management will affect the SP?
Took a risk and put some cash here last financial year at 369. Sold today at 385 with divi to come as well. Nice short term gain. Can now top up pension pot for this year. Thanks SL
moved up some more ,looking like another blue finish Today again
and blue again today , every rise with a share price good to see
nice to see a blue start to the week
figures look good, hope there is a read across. SP up more than a tad today
Standard Life Plc 8.9% Potential Upside Indicated by Berenberg Direct.............orsTalk Interviews - Apr 25, 2017
:+))
23rd May at 13.35p per share.
:+))