Standard Life and Aberdeen Asset Management shareholders vote to approve merger

William Turvill
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Aberdeen Asset Management chief executive Martin Gilbert (pictured) will be co-chief executive of the merged company (Source: Getty)

Standard Life and Aberdeen Asset Management shareholders have voted to approve their merger.

Standard Life, which announced its £3.8bn takeover deal for Aberdeen in March, revealed 98.6 per cent of votes went in favour of the merger. And it won 94.6 per cent approval for the directors’ remuneration policy as part of the deal.

On the Aberdeen side, 95.8 per cent of votes were in favour of the tie-up, and 78.6 per cent approved the exec pay motion.

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“I'm delighted our shareholders have voted to support the merger today,” said Standard Life chairman Sir Gerry Grimstone. “Our merger with Aberdeen will be one of the most significant events in our near-200 year history, creating a well-diversified world-class investment company.

“Proudly headquartered in Scotland, and employing some of the best talent in our industry, our new combined company will continue to put our customers and clients across the world at the centre of everything we do.”

He said the firms were still on track to complete the deal by 14 August.

Read more: Standard Life eyes sale of £16bn annuity book

Simon Troughton, chairman of Aberdeen, said: “Today represents another landmark for Aberdeen, which started 34 years ago as a £70m investment trust and grew to become a world-renowned asset manager managing billions of assets and employing thousands of people around the globe.

“This deal opens up significant opportunities across all facets of Aberdeen's business and is an important step towards realising the company’s ambition of creating a world-class investment business with a truly global footprint.”