The merger is done, the deals are won and we have a new investment house which
“provides asset management and investment solutions for clients and customers worldwide…. and also has a strong position in the pensions and savings market”.
Of course this is not about consumers, it is about two CEOs and some shareholders , very nervous as the markets knocked them about.
It is about the failure of GARS to prove Standard Life much more than a one-trick pony (and one spending too much times in the vets). It is about Aberdeen who found themselves subject to whatever the emerging markets threw at them, (which was a bucket of manure) .
It is about outflows and market share and being Scottish and about Skeogh and Gilbert and about the shareholders. It is about having George Osborne at your conference.
It is not about investors, savers, consumers.
But it is nonetheless good news. It ticks the 1+1=3 box to a degree and it keeps the crown jewels in Britain. It ensures that both organisations can do the good things, like ESG better. It means that Standard Life (remember the lifeco?) can stay strong in the workplace pension market and it creates an organisation that can compete globally for the big mandates.
Few would deny it isn’t a triumph for Martin Gilbert – who – as the photo shows- is the public face of the deal. The man has deals in his DNA and this is his big one. It’s not an ABN AMRO and Staberdeen aren’t an RBS, but this is to asset management – a deal of comparable order.
So I wish all at Staberdeen well. We would be well not to take all this stuff too seriously, it is after all happening at a pay-grade that most of us will never aspire to. But in so much as shareholders need to be fed with deals, investors need to have super-confidence in size and financial journalists have to have something to write about – a big deal!
Well done all. The details are here