(Alliance News) - Standard Life Aberdeen PLC on Monday announced it plans to change its name to Abrdn PLC.
The FTSE 100-listed investment and asset management firm said the new brand identity marks the next stage of its "business and future-focused growth strategy". It will focus on global asset management, technology platforms for UK financial advisers and their customers, and UK savings and wealth, it added.
It explained that Abrdn is pronounced "Aberdeen".
Standard Life Aberdeen said the rebranding process will start in the summer and progress throughout the year, alongside a a stakeholder engagement plan for the transition.
"Our new brand Abrdn builds on our heritage and is modern, dynamic and, most importantly, engaging for all of our client and customer channels. It is a highly differentiated brand that will create unity across the business, replacing five different brand names that have each been operating independently. Our new name reflects the clarity of focus that the leadership team are bringing to the business as we seek to deliver sustainable growth," said Chief Executive Stephen Bird.
The company said in February it agreed to sell the "Standard Life' brand to Phoenix Group Holdings PLC in 2021 and buy the Wrap SIPP and Wrap Onshore Bond businesses from Phoenix.
"We will be rebranding to use one consistent brand name for our publicly listed company and for all our client facing businesses. Our brand will make a promise that we will fulfil and having a single brand will allow us to get a better return on the investments we make in marketing and sales," the company added in March.
Shares in Standard Life Aberdeen were up 0.9% at 274.80 pence in London on Monday.
By Zoe Wickens; zoewickens@alliancenews.com
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Phoenix Group Holdings (PHNX)