Competition and Markets Authority green-lights creation of Standard Life Aberdeen
Standard Life and Aberdeen Asset Management this morning announced that their plan to merge and create the second largest fund manager in Europe has cleared its final hurdle after the Competition and Markets Authority gave its backing to the proposal.
The news comes just days after shareholders in both firms voted on Monday overwhelmingly to back the move and now means the transaction is currently expected to complete on 14 August.
A regulatory note on the London Stock Exchange confirmed the CMA had cleared the transaction for completion unconditionally.
The merger will create the UK’s largest asset manager with AUM set to total around £660bn.
The CMA announced last month that it was investigating whether the deal would result in the “substantial lessening of competition within any market or markets in the United Kingdom for goods or services.”
Yesterday the companies announced the investment management committee for the combined investment management business with Rod Paris, chief investment officer, appointed as chair.