Competitions regulator approves Standard Life Aberdeen merger

The Competition Markets Authority has given the £11bn Standard Life and Aberdeen Asset Management merger the green light putting the deal on schedule to complete before the end of summer.

A regulatory note on the London Stock Exchange confirms the transaction has been cleared unconditionally.

The merger, which was approved by shareholders on Monday, will create the UK’s largest asset manager with AUM set to total around £660bn.

The CMA announced last month that it was investigating whether the deal would result in the “substantial lessening of competition within any market or markets in the United Kingdom for goods or services.”

The companies this week announced the investment management committee for the combined investment management business with Rod Paris, chief investment officer, appointed as chair.

The merger is expected to complete on 14 August, subject to remaining regulatory approvals.