Funds giant SLA gains approval for Phoenix move

Standard Life Aberdeen investors have overwhelmingly voted in favour of the sale of the group's UK and European insurance business to Phoenix Group.

The group was formed from the merger of Standard Life and Aberdeen Asset Management. Picture: Graham Flack

The move comes after the fund management giant revealed earlier this year that it would offload Standard Life Assurance to Phoenix in order to focus on asset management.

At a meeting to approve the move, more than 99 per cent of votes were cast in favour of the disposal, and an accompanying return of £1.75 billion to shareholders. Some £1bn is being returned by way of a B share scheme and the remaining amount of £750 million via a share buyback programme.

Sir Gerry Grimstone, chair of Standard Life Aberdeen, said: “I’m pleased our shareholders have voted so decisively in favour of our proposals. The sale of our UK and European insurance business to Phoenix is an important milestone in our company’s history and marks a decisive break from our past as an insurer.”