(Alliance News) - Standard Life Aberdeen PLC is in talks to sell the Standard Life brand to life insurer Phoenix Group Holdings PLC, Sky News reported late Thursday.
According to a source close to Phoenix, the talks have been ongoing under the codename Project Hulkum, and would form part of a restructured relationship between both companies, including the extension of an asset management partnership first agreed in 2018.
The partnership included Aberdeen Standard Investments become Phoenix Group's preferred asset management partner for its insurance investments.
The deal will also prompt another decision to change the name of Standard Life Aberdeen if it goes through, a change that is not expected to take place immediately but be confirmed later in 2021.
It has not been disclosed how much Phoenix will pay for the Standard Life brand, or whether SLA will either prioritise one of the group's other existing brands or create a new name altogether.
https://news.sky.com/story/200-year-old-funds-giant-jettisons-standard-life-brand-in-phoenix-deal-12215466
Shares in Standard Life Aberdeen closed 0.3% lower at 316.75 pence on Thursday in London, while Phoenix's shares ended 0.4% higher at 711.00p.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Phoenix Group Holdings (PHNX)