CMA to investigate competition fallout from mega-merger
The Competition and Markets Authority is investigating Standard Life’s proposed takeover of Aberdeen Asset Management.
The pair released their full merger prospectus earlier this month after agreeing an £11bn mega-merger in March.
Plans include reducing headcount by 800, “combining” their platforms and premises, and a new board to be led by Standard Life chairman Gerry Grimstone.
The merged business will be renamed Standard Life Aberdeen.
The CMA informed both parties today that it would be investigating the competition implications of the deal, that would create a global asset management powerhouse controlling around £660bn assets.
The CMA has until 18 July to make its decision on whether the deal will result in the “substantial lessening of competition within any market or markets in the United Kingdom for goods or services.”
The regulator is taking written feedback on any competition or public interest concerns from now until 9 June.