Standard Life and Aberdeen Asset Management, which are set to merge, have revealed a new name and a bumper 16-person board of directors for the combined company.
The group will be called Standard Life Aberdeen, although it may use different names for its product ranges.
The board will have eight representatives from Standard Life and eight from Aberdeen, in line with the even split of executive roles that was unveiled when the deal was announced in March. The even split comes despite the different sizes of the two companies — Standard Life is nearly twice the size of Aberdeen by market capitalisation.
As announced in March, Standard Life’s chief executive Keith Skeoch and Aberdeen’s Martin Gilbert will be co-chief executives of the new company.
With 16 people, the board will be much larger than others in the UK. According to recruitment firm Spencer Stuart, the average UK board had 10.2 people in 2016.
Before the deal, Aberdeen and Standard Life both had 12-person boards.
Sir Gerry Grimstone, Chairman of Standard Life commented:
“The directors on both boards have extensive global experience and have provided effective stewardship to grow each organisation. We have been able to create a diverse board which will have a strong blend of appropriate skills and knowledge. Together we will effectively oversee the successful delivery of the merger process and the future growth of the combined group.”
Standard Life was advised by Goldman Sachs and Fenchurch Advisory Partners. Aberdeen was advised by JPMorgan, Credit Suisse and Cenkos
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