Aberdeen and Standard Life set aside £35m in retention bonuses

Aberdeen Asset Management and Standard Life have set aside £35m in retention bonuses for star fund managers ahead of their merger.

The bonuses would be payable to fund managers who remain with the group for at least three years, Sky News reports.

It would form part of the £320m cost associated with the merger.

A Standard Life spokesperson confirmed the company had “specific plans in place to engage and retain” staff through the merger process.

The merger is reportedly set to put up to 1,000 jobs at risk and will result in cost savings of £200m a year.

The same week that the deal was announced, SLI announced its head of equities, David Cumming, was departing to pursue other interests.