News out of the U.K. suggests that the merger between Standard Life and Aberdeen Asset Management will lead to 800 job cuts. Where does Asia stand?
Documents released before a shareholders’ meeting next month also reveal the name of the newly merged company will be Standard Life Aberdeen.
The prospectus stated the cuts, from the group’s 9,000 global workers, would come through natural turnover and recruitment management. The jobs would be cut over three years but no geographic quotas are known yet.
The documents, reported in the «Financial Times», (paywall) revealed the group would be managed by a board of 16 members drawn equally from both companies.
Numerous Asian Units
Aberdeen Asset Management (Aberdeen) have several offices throughout the Asia-Pacific region with Standard Life having a Hong Kong presence. More could be revealed at Standard Life's annual general meeting (AGM) to be held in Edinburgh on 16 May.
It is already known that Aberdeen’s CEO, Martin Gilbert and his counterpart Keith Skeoch at Standard Life, will become joint chiefs following the merger.
The deal is expected to be completed by August this year.
