Standard Life Aberdeen has sold the historic Standard Life name to insurance group Phoenix for an undisclosed sum.
The firms have agreed Phoenix will buy the Standard Life name over the course of the year, in what both parties claim is a “simplification” of the partnership.
Employees who work on the Standard Life brand are set for a transfer to Phoenix, for which Standard Life has paid the firm £32m for.
“What we are announcing today is an agreement that simplifies the relationships between Standard Life Aberdeen and our strategic partner Phoenix Group in a way that will allow us to work together constructively as partners for at least the next ten years,” Standard Life Aberdeen chief executive Stephen Bird said.
In February 2018, Standard Life Aberdeen announced the sale of its insurance business and announced its partnership with Phoenix. At the same time Standard Life Aberdeen became a leading shareholder in the insurance group.
Today Standard Life Aberdeen announced it planned to buy back its Wrap Sipp, Wrap Onshore Bond and UK Trustee Investment Plan businesses for £62.5m.
The sale comes less than a year after Stephen Bird, who was not believed to be planning a full rebrand, joined Standard Life Aberdeen.
“The simplification of the Standard Life brand, sales and marketing will be a key enabler of Phoenix’s growth strategy, which in turn should lead to greater asset flows to ASI,” Andy Briggs, chief executive of Phoenix Group said.