Standard Life and Aberdeen Asset Management have revealed further details of their planned merger, including the group name following completion, board make-up and the changes to staffing that will follow.
In a statement, the two groups have unveiled plans to rename the business post-merger to Standard Life Aberdeen plc, while the two businesses will be brought together into a single investment sub-group, subject to approvals.
The combined group will be headquartered in Scotland and continue to have ofﬁces around the world.
If the sub-group is established, the intermediate holding company will be named Aberdeen Standard Life Investments Limited.
Subject to regulatory approvals, the merger is expected to complete on or around 14 August 2017.
Aberdeen and Standard Life first announced their merger plans In March, aiming to create "a formidable player in the active asset management industry globally" running over £660bn in total assets.
On the day of the announcement, shares in both firms soared as investors digested the news. Early morning trading saw Aberdeen shares jump by 6.8% to 305.90p, while Standard Life shares leapt 9% to 412.70p.
The firms have also announced the merger is expected to result in a "phased reduction" of around 800 jobs over the three year integration period, out of a total headcount of approximately 9,000.
The aim of these reductions will be to achieve synergies where duplication exists and to leverage the increased scale of the combined group.
The statement said: "Synergies will come in part from employee departures arising from natural turnover. Other appropriate steps will be taken to minimise the number of compulsory redundancies, including the active management of Aberdeen's and Standard Life's recruitment and vacancies."
Proposed board changes
The combined firm will have a 16-strong board, divided equally between Aberdeen and Standard Life directors.
As announced previously in March, Aberdeen's CEO Martin Gilbert and Standard Life's chief executive Keith Skeoch will become co-CEOs.
Gilbert will also be an executive director on the board, along with Bill Rattray, while Simon Troughton, Julie Chakraverty, Gerhard Fusenig, Richard Mully, Jutta af Rosenborg and Akira Suzuki will become non-executive directors.
In addition, Rod Paris, chief investment officer at Standard Life Investments, will also be an executive director of the board.
Standard Life's current chairman, Sir Gerry Grimstone will become chairman, as well as chair the nomination and governance committee, while Simon Troughton will be deputy chairman.
John Devine, Richard Mully and Martin Pike will chair the audit, remuneration, and rick and capital committees, respectively; while Kevin Parry will be senior independent director.
Subject to the completion of the merger, Colin Clark, currently global client director, Barry O'Dwyer, CEO pensions and savings, and Luke Savage, CFO, will resign from the board of Standard Life as executive directors, and Pierre Danon and Noel Harwerth will resign as non-executive directors.
Danon will become a member of Standard Life's global advisory panel, and subject to regulatory authorisation, Harwerth will be appointed to the board of Standard Life Assurance Limited.
Sir Grimstone said: "Today's announcement is another important step towards completing the proposed merger between Standard Life and Aberdeen Asset Management.
"The directors on both boards have extensive global experience and have provided effective stewardship to grow each organisation. We have been able to create a diverse board which will have a strong blend of appropriate skills and knowledge.
"Together we will effectively oversee the successful delivery of the merger process and the future growth of the combined group."
The chairman isn’t answering his email
Reforms not enough
An economic cocktail
To encourage consumers to shop around
Will report to Pat Shea