Shareholders poised to vote on Standard Life merger with AAM
Standard Life, which has 1.2 million shareholders, half of whom are retail investors since its demutualisation, is holding its meeting at the Assembly Rooms in Edinburgh.
AAM, which has 4,000 shareholders, mostly institutional, will meet at its offices in the City of London. The deal requires the backing of 75 per cent of AAM investors who vote, and 50 per cent of Standard Life shareholders, to get the go-ahead.
City analysts said they believed the merger would get the green light despite unease over the joint chief executive structure and a bumper 16 member board.
The combined entity, to be called Standard Life Aberdeen, will be headed by Standard Life chief executive Keith Skeoch and AAM boss Martin Gilbert.
Skeoch said last month that it was “abundantly clear” both men would be required at the helm in order to “get things done”.
David McCann, an analyst at Numis Securities, said he believed the deal will be voted through. He said: “Future success in the active asset management industry will be determined by being big or small/boutique: you do not want to be stuck in the middle.”
The merger will make the group a top 20 global player with £670bn of assets under management.