Standard Life Aberdeen plc is an investment company with headquarters in Edinburgh and operates worldwide. In March 2017, Standard Life reached an agreement to join investment firm Aberdeen Asset Management. Standard Life has been renamed Standard Life Aberdeen on August 14, 2017. It is listed on the London Stock Exchange and is a constituency of the FTSE 100 Index.
Video Standard Life Aberdeen
History
1825-2010
The Standard Life Assurance Company was founded in 1825 and rejoined as a mutual guarantee company in 1925. During the 19th century the company opened offices in Canada, India, China and Uruguay.
In 2006 demutualization took place and the company was hovering on the London Stock Exchange. The Company sold Standard Life Bank plc to Barclays plc in January 2010 and then acquired 75% of the remaining shares in Threesixty, a business support financial advisory, which was not owned for an undisclosed amount in March 2010. The company sold its healthcare division to Discovery Holdings , a South African business, in May 2010 and then purchased the Focus Solutions Group, a financial software company, for £ 42 million in December 2010.
2011-2015
In February 2013, the company announced that it has acquired a private client division of Newton Management Limited, a UK wealth management unit of BNY Mellon, in a deal worth up to Ã, £ 83.5 million. In March 2014, it was announced that Standard Life is in advanced talks to buy Ignis Asset Management of Phoenix Group Holdings for about Ã, Â £ 400 million. Towards the end of the month, Standard Life completed the acquisition at a cost of Ã, Â £ 390 million. In September 2014, Standard Life agreed to sell its operations in Canada to The Manufacturers Life Insurance Company, a subsidiary of Manulife Financial Corporation. It completed this sale on January 30, 2015 for C $ 4.0 billion cash consideration. The transaction includes a Global Collaboration Agreement whereby Manulife will seek to distribute Standard Living Investment funds in Canada, the US and Asia. In a 2014 business merger, profit before tax rose 19% to Ã, Â £ 604m, fee-based revenue during the year grew 14% to 1.43 billion, and more than 340,000 subscribers automatically enrolled. Charges and bonuses from Chief Executive, David Nish, rose 23% to nearly Ã, Â £ 5.5 million.
In February 2015 Standard Life announced the launch of a wholly owned financial advisory business across the UK and said it was "responding to fundamental changes that spur unprecedented demand for customer feedback". Accordingly, it was confirmed that they had signed an agreement with the Skipton Building Society to purchase Pearson Jones, a financial and advisory advisory firm, and the acquisition was completed in May 2015 when the new business financial advice name was announced as "1825" - a reference to the Standard Life year established.
2016-2018
In July 2016, the property investment fund managed by Standard Life Investments froze the withdrawal after experiencing liquidity problems.
In March 2017, Standard Life reached an agreement to join Aberdeen Asset Management, in the merger of all shares, subject to shareholder approval. It was announced that the merged company would be named Standard Life Aberdeen . This was achieved by Standard Life which was renamed Standard Life Aberdeen on August 14, 2017.
In May 2017, Standard Life acquired a loss making AXA Portfolio Services for Ã, Â £ 31 million. The company has AXA Elevate, an investment platform from Axa. At the time of the acquisition, the platform held client assets of £ 9.8 billion, increasing the total assets held by the Standard Life platform up to £ 36.4 billion.
In October 2017, it was reported that there was a $ 10 billion withdrawal from the Standard Life Aberdeen mutual fund over the previous year.
In February 2018, Standard Life Aberdeen announced its intention to sell its insurance business to Phoenix worth  £ 3.2 billion, marking a transition from its insurance principle to asset management.
Maps Standard Life Aberdeen
Operation
Standard Life Aberdeen is an investment company, headquartered in Edinburgh, with operations around the world.
The company has Ã, Â £ 670 billion managed to make it the second largest fund manager in Europe after Legal & amp; General. It has offices in 50 cities that provide services to clients in 80 countries and employs 1,000 investment professionals.
In the UK, Standard Life Aberdeen also has three subsidiary businesses: Focus Solutions, software and consulting business, threesixty, service providers and Vebnet, software and service providers.
Standard Life Aberdeen has a major list on the London Stock Exchange. It is also listed in a number of Dow Jones Sustainability Indexes (DJSI), including the World DJSI, which ranks the leading edge of sustainability in the world.
Senior management
The board of directors of the company consists of a Chairman, four Executive Directors, and twelve Non-Executive Directors.
The Executive Director is:
- Martin Gilbert (Chief Executive Joint)
- Keith Skeoch (Co-Chief Executive)
- Rod Paris (Chief Investment Officer)
- Bill Rattray (Chief Financial Officer)
Non-Executive Directors are:
- Sir Gerry Grimstone (Chair)
- Simon Troughton (Vice Chair)
- Julie Chakraverty
- John Devine
- Gerhard Fusenig
- Melanie Gee
- Richard Mully
- Kevin Parry
- Lynn Peacock
- Martin Pike
- Jutta af Rosenborg
- Akira Suzuki
Controversy
In January 2006, Standard Life was accused of smearing policy holder Michael Hogan, who was unhappy with the way the company was run. An e-mail sent to the executive and a Standard Life adviser (disclosed under the Data Protection Act) reveals an attempt to discredit him.
In January 2007, the head of Standard Life's life and retirement business, Trevor Matthews, used the racist term "negro in the woodpile" when giving a presentation at one of the company's offices in Edinburgh. After issuing an apology, Mr. Matthews remained in his job and no disciplinary action was taken.
In March 2007 the company announced it would cut 1,000 jobs in an effort to save an additional Ã, Â £ 100 million per year in cost. One month later highlighted in the company's annual report that three Standard Life top executives (Sandy Crombie, Keith Skeoch and Trevor Matthews) get paid more than Ã, Â £ 5 million. A Standard Life spokeswoman defended the award, citing leadership efforts to reverse the company's wealth.
In February 2014, Standard Life announced that it could move parts of their operations outside Scotland in terms of Scottish independence, if necessary to do so.
References
External links
- Official website
Source of the article : Wikipedia
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