"The reinforced strategic partnership with Standard Life Aberdeen allows both companies to focus on their key strategic strengths whilst generating future value through the new client service and proposition areement".
Shares of Standard Life Aberdeen (SLA) opened at GBX 385.70 ($5.33) on Tuesday. Standard Life Aberdeen has a 52-week low of GBX 339.67 ($4.69) and a 52-week high of GBX 448.60 ($6.20). But we felt this was the right transaction for Standard Life.
Grimstone has been with Standard Life for 11 years and was widely regarded as being instrumental to last year's merger with Aberdeen. For Standard Life Pensions & Savings, adjusted pretax profit rose slightly to GBP381.0 million from GBP362.0 million. Consensus had forecast net outflows to be GBP31.8 billion.
A decision on that deal had always been expected after Aberdeen Asset Management, which had run the funds since 2013, combined with Scottish Widows' competitor Standard Life a year ago.
SLA did not provide details of Gilbert's pay before the merger and was not immediately able to say what he earned during the period while he was still chief executive of Aberdeen. We welcome Standard Life Aberdeen to participate if they fix their problem with competition.
Europe's second biggest fund manager saw shares suffer last week after Lloyds Banking Group said it was ending a £100bn asset management contract for its Scottish Widows business.
The arrangement covered GBP109.0 billion worth of assets under management, agreed by Aberdeen with Lloyds during Aberdeen's acquisition of Scottish Widows from Lloyds in 2014. Standard Life Aberdeen now has an average rating of "Buy" and an average price target of GBX 473.50 ($6.54).
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Standard Life Assurance Limited, which was founded in 1825, is being purchased by Phoenix Group. In total these now amount of £158 billion. The figures include a GBP312.0 million dividend payable from the disposed businesses to Standard Life pre-completion, making Phoenix's outlay GBP2.93 billion.
Standard Life Aberdeen plc, formerly Standard Life plc, is a United Kingdom-based global investment company. For the Aberdeen Standard Investments arm, AUMA was £575bn, down from £580bn at the end of 2016. The sale price is "attractive", the company said, and remaining businesses will have much reduced capital requirements.
The sale is expected to be completed in the third quarter of 2018, subject to regulatory approval. Goldman Sachs Group reiterated a "buy" rating and issued a GBX 500 ($6.91) target price on shares of Standard Life Aberdeen in a research note on Friday, February 16th. It already manages GBP48 billion of Phoenix's assets.
Directors Julie Chakraverty, Lynne Peacock and Akira Suzuki will all also retire from the board of the company at the conclusion of its next AGM.
Sky News has learnt that Sir Gerry Grimstone, who was the architect of last year's tie-up between Standard Life and Aberdeen Asset Management, will leave next year once a successor is in place.
'I think it was more out of sadness than anything that we reached where we were.