Gerry Grimstone, Standard Life chairman for nearly a decade, will retain that position at the new company with Aberdeen`s Simon Troughton assuming the deputy chairman role.
Standard Life and Aberdeen Asset Management announced on Monday that they are set to join forces in an all-share deal in a bid to ward off rising pressures in an industry where the benefits of scale continue to mount.
The combined company would be two-thirds owned by Standard Life`s shareholders, however, management positions would be more evenly split with Standard Life`s Chief Executive Officer (CEO), Keith Skeoch, and his counterpart at Aberdeen, Martin Gilbert, jointly taking the helm.
Generally, a scheme of arrangement is only pursued when the acquirer is confident of the support of a target`s management and shareholders.
Monday`s announcement follows a detailed leak on Saturday and the subsequent joint confirmation of advanced talks rushed out by advisors later that day.
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