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UK: CMA opens inquiry into $12bn Standard Life merger

By  |  May 22, 2017

Britain’s competition watchdog has launched an inquiry into the £11bn ($14Bn USD) merger between Standard Life and Aberdeen Asset Management.

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    It will look at whether the tie-up “may be expected to result in a substantial lessening of competition”.

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    The Competition and Markets Authority said it was seeking feedback and would decide by 18 July whether to launch a more in-depth investigation.

    The merger between the two Scottish-based fund managers was agreed in March and if given the green light would create a global powerhouse overseeing £660bn ($857Bn USD) of assets.

    It is targeting cost savings of £200m ($259.92M USD)  a year, with around 800 jobs expected to be lost over a three-year period from the current global workforce of 9,000 staff.

    Full Content: Financial Times

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