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{{short description|UK based investment company}}
{{Multiple issues|advert =November 2010|wikify =November 2010|refimprove =November 2010|COI =November 2010}}
{{See also|Standard Life (Canada)}} {{about||other companies|Standard Life (Canada)|and|Standard Insurance Company}}
{{Use dmy dates|date=July 2020}}

{{Infobox company {{Infobox company
| company_name = Standard Life plc | name = Standard Life Assurance Limited.
| company_logo = ] | logo = Standard Life Logo.svg
| company_type = Public company | type = ]
| traded_as = {{lse|SL.}} | traded_as =
| key_people =
| foundation = 1825
| location = ], Scotland, UK
| key_people = David Nish, CEO <br /> Gerry Grimstone, Chairman <br /> Keith Skeoch, CEO Standard Life Investments and Jackie Hunt, Group Finance Director
| industry = ] | industry = ]
| products = | products =
| parent = ]
| revenue = ]1,501&nbsp;million (2010)<ref name=prelims>{{Cite web|url=http://ukgroup.standardlife.com/content/news/new_articles/2011/preliminary_results2010.xml |title=Preliminary Results 2010 |format=PDF |date= |accessdate=19 April 2011}}</ref>
| operating_income = ]425&nbsp;million (2010)<ref name=prelims/>
| net_income = ]336&nbsp;million (2010)<ref name=prelims/>
| num_employees = 10,000<ref name="times"/>
| parent =
| subsid = | subsid =
| homepage = | homepage =
| foundation = {{start date and age|1825}}
| footnotes =
| location = {{nowrap|], Scotland, UK}}
| reference =
}} }}


'''Standard Life''' is a life assurance, pensions and long-terms savings company in the UK which is owned by ].<ref>{{Cite web|title=Standard Life history: One of the first Empire builders|url=https://www.scotsman.com/news/standard-life-history-one-first-empire-builders-1706423|access-date=2021-10-27|website=www.scotsman.com|language=en}}</ref><ref>{{Cite web|date=2021-02-23|title=Phoenix brings in Aegon investment head to manage Standard Life brand|url=https://corporate-adviser.com/phoenix-brings-in-aegon-investment-head-to-manage-standard-life-brand/|access-date=2021-10-19|website=Corporate Adviser|language=en-GB}}</ref>
'''Standard Life plc''' ({{lse|SL.}}) is a long term savings and investment business, with headquarters in Edinburgh and operations across the globe. It has 1.5&nbsp;million shareholders in more than 50 countries and over 6&nbsp;million customers. Standard Life provides pensions, long term savings and investment management products. Standard Life’s assets under administration at 30 June 2010 were £179&nbsp;billion.

The Standard Life Group has around 10,000 employees across the UK, Canada, Ireland, Hong Kong and the USA, with representative offices in Germany, France, South Korea and Australia and China. Standard Life Investments also operates in India through a joint venture, HDFC AMC.


==History== ==History==
The Standard Life Assurance Company ("Standard Life") was established in 1825 and the first Standard Life Assurance Company Act was passed by Parliament in 1832. ===1825–2010{{anchor|Standard Life Assurance Company's Act 1925}}===
{{Infobox UK legislation
| short_title = Standard Life Assurance Company's Act 1925
| type = Act
| parliament = Parliament of the United Kingdom
| long_title = An Act to re-incorporate the Standard Life Assurance Company to provide for the control and management of the Company as a mutual company and for the conversion of its share capital into perpetual stock to confer further powers on the Company to repeal existing Acts and for other purposes.
| year = 1925
| citation = ]. c. xlii
| introduced_commons =
| introduced_lords =
| territorial_extent =
| royal_assent = 31 July 1925
| commencement =
| expiry_date =
| repeal_date =
| amends =
| replaces =
| amendments =
| repealing_legislation = Standard Life Assurance Company Act 1991
| related_legislation =
| status = repealed
| legislation_history =
| theyworkforyou =
| millbankhansard =
| original_text =
| revised_text =
| use_new_UK-LEG =
| UK-LEG_title =
| collapsed = yes
}}
The '''Standard Life Assurance Company''' was established in 1825 and reincorporated as a mutual assurance company in 1925.<ref name=scot> The Scotsman, 2 September 2010</ref> During the 19th century it opened offices in Canada, India, China and ].<ref name=scot/>


In 2006 ] took place and the company was floated on the ].<ref> The Guardian, 24 September 2006</ref> The company sold Standard Life Bank plc to ] in January 2010<ref> Daily Telegraph, 26 October 2009</ref> and then acquired the remaining 75 per cent stake in Threesixty, a financial advisory support business, that it did not already own for an undisclosed sum in March 2010.<ref> The Scotsman, 15 March 2010</ref> It sold its healthcare division to Discovery Holdings, a South African business, in May 2010<ref> BBC News, 11 May 2010</ref> and went on to buy Focus Solutions Group, a financial software company, for £42m in December 2010.<ref> BBC News, 7 December 2010</ref>
The company was reincorporated as a mutual assurance company in 1925. It originally operated through branches or agencies of the mutual company in the United Kingdom and a number of other countries including Canada and Ireland.


In January 2006, Standard Life were accused of ] a policy-holder, Michael Hogan, who was not happy with the way the company was being run. An e-mail sent to Standard Life executives and advisors (which was disclosed under the ]) revealed an attempt to discredit him.<ref>{{cite web|url=http://www.foiacentre.com/newsstandardlife060225.html|title=E-mail reveals Standard Life 'smeared' critic|date=25 February 2006|publisher=FOIA Centre}}</ref>
The Canadian division of Standard Life was founded in 1833 and Irish operations in 1838. This largely remained the structure of the group until 1996, when it opened a new division in Frankfurt, Germany.


===2011–2015===
On 10 July 2006, after 80 years as a mutual company, Standard Life Assurance Company demutualised and Standard Life plc was listed on the London Stock Exchange. Standard Life now has approximately 1.5&nbsp;million individual shareholders in over 50 countries around the world.
]


In February 2013, the company acquired the private client division of Newton Management Limited, a UK wealth management unit of ], in a deal worth up to £83.5 million.<ref>{{cite news|url=http://www.fundweb.co.uk/fund-news/standard-life-wealth-acquires-newtons-private-client-division/1066814.article| title=Standard Life Wealth acquires Newton's private client division | author=Nicole Blackmore | publisher=Fundweb | date=27 February 2013}}</ref> In March 2014, it was announced that Standard Life was in advanced talks to purchase rival Phoenix Group Holdings' ] for around £400 million.<ref>{{cite news| url= https://www.reuters.com/article/us-phoenix-group-standard-life-offer-idUSBREA2M0KB20140323 | title= Standard Life in advanced talks to buy Phoenix asset management unit | author= Richa Naidu | publisher=Reuters | date=24 March 2014}}</ref> Towards the end of the month, Standard Life completed the acquisition for a fee of £390 million.<ref>{{cite web| title= Standard Life ramps up fund business with Ignis acquisition | author=Simon Jessop| publisher=Reuters| url= https://www.reuters.com/article/us-ignis-standard-life-idUSBREA2P0JK20140326| date=26 March 2014}}</ref>
==Operations==
===Standard Life in the UK===
Standard Life was established in the UK in 1825 with its head office located in Edinburgh, Scotland. Standard Life offers a range of savings, pensions, investments and insurance products.


In September 2014, Standard Life agreed to sell its ] operations to The Manufacturers Life Insurance Company, a subsidiary of ] Corporation.<ref>. ], 4 September 2014</ref> It completed this sale on 30 January 2015 for a cash consideration of C$4.0bn. The transaction included a Global Collaboration Agreement where Manulife will seek to distribute Standard Life Investments' funds in Canada, the US and Asia.<ref>{{cite web|url=http://www.cityam.com/rns/6372-disposal-of-canadian-companies|title=CityAM News - Disposal of Canadian Companies|work=CityAM|access-date=2 February 2015|url-status=dead|archive-url=https://web.archive.org/web/20150529204500/http://www.cityam.com/rns/6372-disposal-of-canadian-companies|archive-date=29 May 2015}}</ref> In a round-up of 2014 business, pre-tax profits rose by 19% to £604m, fee-based revenue during the year grew 14% to 1.43bn, and over 340,000 auto-enrolment customers were added. The pay and bonus of Chief Executive, ], rose by 23% to almost £5.5m.<ref>{{cite web|url=https://www.bbc.co.uk/news/uk-scotland-scotland-business-31550046|title=BBC News - Standard Life reports sharp rise in operating profit|work=BBC News|access-date=21 March 2015}}</ref>
==Business subsidiaries==
===Standard Life joint ventures===
====India====
Standard Life’s joint venture company, HDFC Standard Life Insurance Company Limited (HDFC SL), was established in 2000 with partner Housing Development Finance Corporation Limited. HDFC SL is headquartered in Mumbai and has an extensive network of branches nationwide. The company offers a range of individual savings, pensions and protection products, as well as group term assurance and savings products. Products are distributed through financial consultants, corporate agents, brokers and bancassurance partners and through a direct sales force.


In February 2015, Standard Life announced it was launching a wholly-owned, UK financial advice business.<ref>{{cite news | url=http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12241361.html | title=London Stock Exchange, Market News | publisher=London Stock Exchange | date=6 February 2015 | url-status=dead | archive-url=https://web.archive.org/web/20150529203319/http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12241361.html | archive-date=29 May 2015}}</ref> In doing so, it confirmed that it had entered into an agreement with Skipton Building Society to purchase Pearson Jones,<ref>{{cite news|url=http://www.professionaladviser.com/professional-adviser/news/2407955/standard-life-completes-purchase-of-pearson-jones-in-gbp1bn-advice-play| title=Standard Life completes purchase of Pearson Jones in £1bn advice play | publisher=Professional Adviser | date=11 May 2015}}</ref> a firm of financial advisers and paraplanners, and this acquisition was completed in May 2015 when the name of its new financial advice business was announced as "1825" – a reference to the year Standard Life was founded.<ref>{{cite news|url=http://www.professionaladviser.com/professional-adviser/news/2406743/standard-life-names-restricted-advice-business-1825| title=Standard Life names restricted advice business 1825 | publisher=Professional Adviser | date=1 May 2015}}</ref>
====China====
Standard Life’s joint venture company, Heng An Standard Life Insurance Company Limited (HASL), was launched in 2004 with partner Tianjin TEDA Investment Holding Co, Ltd. HASL distributes a range of individual savings, investment and protection products, and group protection products, primarily through bancassurance partners and financial consultants.


====Hong Kong==== ===2016–2017===
In July 2016, a property investment fund managed by Standard Life Investments froze withdrawals after experiencing liquidity issues.<ref>{{cite web|url=https://www.theguardian.com/business/2016/jul/04/standard-life-shuts-property-fund-post-brexit-withdrawals|title=Standard Life shuts property fund amid rush of Brexit withdrawals|first1=Hilary|last1=Osborne|first2=Jill|last2=Treanor|first3=Hilary|last3=Osborne|first4=Jill|last4=Treanor|date=4 July 2016|access-date=14 April 2017|work=The Guardian}}</ref><ref>{{cite web|url=https://www.businessinsider.com/jefferies-warns-of-repeat-of-2007-for-uk-property-as-standard-life-pauses-withdrawals-from-fund-2016-7|title='2016 is shaping up to be a rerun of 2007:' A giant UK property fund is stopping people taking money out|first=Oscar|last=Williams-Grut|date=5 July 2016|access-date=14 April 2017}}</ref>
In Hong Kong, Standard Life (Asia) Limited provides flexible and customised investment-linked and protection products. It also offers an open architecture fund range, utilising multiple external fund managers. Products are distributed via a broker network all of whom are members of Hong Kong’s professional broker associations.


In March 2017, Standard Life reached an agreement to merge with ], in an all-share merger, subject to shareholder approval.<ref name=":0">{{cite news|title=Aberdeen Asset Management and Standard Life confirm merger terms|url=https://www.bbc.co.uk/news/business-39177320|access-date=7 March 2017|publisher=BBC News|date=6 March 2017}}</ref> It was announced that the merged company was to be named ].<ref>{{cite web|url=https://www.bbc.co.uk/news/uk-scotland-scotland-business-40366413 |title=CMA clears Standard Life-Aberdeen Asset Management merger - BBC News |publisher=Bbc.co.uk |access-date=2017-08-08}}</ref> This was achieved by Standard Life being renamed Standard Life Aberdeen on 14 August 2017.<ref>{{cite web|url=http://www.ftse.com/products/index-notices/home/getnotice/?id=2363662|title=Standard Life (UK): Merger with Aberdeen Asset Management (UK) - Update|publisher=FTSE|date=9 August 2017|access-date=10 August 2017|archive-date=11 August 2017|archive-url=https://web.archive.org/web/20170811012025/http://www.ftse.com/products/index-notices/home/getnotice/?id=2363662|url-status=dead}}</ref>
====Canada====
Standard Life has been operating in Canada for over 175 years and is Standard Life plc's largest operation outside the UK. With over 2,000 employees based in Montréal and in offices across Canada, the company provides long-term savings, investment and insurance solutions to more than 1.3&nbsp;million Canadians, including group insurance and retirement plan members. It had $36.3&nbsp;billion of assets under administration at 30 June 2010.


===Standard Life Investments=== ===2018 - 2021===
In 2018, ] Holdings plc acquired Standard Life from Standard Life Aberdeen plc for £2.9 billion.<ref name="herald2021">{{cite web|url=https://www.heraldscotland.com/business_hq/19145273.edinburgh-pensions-operation-supports-2-800-jobs-city/|title=Edinburgh pensions operation supports 2,800 jobs in city|publisher=Herald Scotland|access-date=31 March 2021}}</ref>
Standard Life Investments is one of the UK’s leading{{Citation needed|date=November 2010}} investment houses. It was launched as an investment management company in 1998 and is a wholly owned subsidiary of Standard Life Investments (Holdings) Limited, a wholly owned subsidiary of Standard Life plc.


In May 2021, Phoenix Group acquired the 'Standard Life' brand <ref name="reuters">{{Cite web|last=Cohn|first=Michael Shields, Simon Jessop, Carolyn|date=December 6, 2019|title=Britain's Phoenix to buy Swiss Re's ReAssure business for $4.1 billion|url=https://www.reuters.com/article/uk-swiss-re-m-a-phoenix-grp-idUKKBN1YA0LX|via=www.reuters.com}}</ref> and in July 2021 Aberdeen Standard Life Group companies rebranded as ‘abrdn’.<ref>{{cite news|date=5 July 2021|title=Standard Life Aberdeen becomes abrdn as it moves to 'single global brand'|newspaper=Investment Week|url=https://www.investmentweek.co.uk/news/4033896/standard-life-aberdeen-abrdn-moves-single-global-brand|access-date=6 July 2021}}</ref>


==Controversy==
Standard Life Investments operates in the UK, Canada, Ireland, Hong Kong and the USA, and has representative offices in Germany, France, South Korea and Australia and China. Standard Life Investments also operates in India through a joint venture, HDFC AMC.


In January 2007, the head of Standard Life's life and pensions business, Trevor Matthews, used the ] phrase "]" while giving a presentation at one of the company's Edinburgh offices. After issuing an apology, Mr Matthews remained in his job and no disciplinary action was taken.<ref>{{cite web|url=https://www.theguardian.com/business/2007/jan/26/raceintheuk|title=Standard Life boss apologises for making racist remark|first1=Jill|last1=Treanor|date=26 January 2007|access-date=14 April 2017|work=The Guardian}}</ref>
===Standard Life Wealth===
An investment management service and a subsidiary of Standard Life PLC, Standard Life Wealth specialises in personal investments for customers across the UK. The company uses uses a goal based investment approach based on institutional investment techniques previously not available to private investors.


In March 2007 the company announced it would cut 1,000 jobs in an attempt to save an additional £100&nbsp;million per year in costs.<ref name="times"> Evening Times, 23 March 2007</ref> One month later it was highlighted in the company's annual report that three of Standard Life's top executives (], Keith Skeoch and Trevor Matthews) were awarded more than £5&nbsp;million in pay.<ref name="EEN">{{cite web|url=http://www.edinburghnews.scotsman.com/news/fury-at-163-5m-for-standard-life-bosses-1-1202343 |title=Fury at £5m for Standard Life bosses |publisher=Edinburghnews.scotsman.com |access-date=19 April 2011}}</ref> A Standard Life spokesman defended the awards, citing the leadership's efforts in turning around the company's fortunes.<ref name="EEN" />
===Standard Life International Limited===
The Standard Life Group incorporated Standard Life International Limited ('SLIL') in 2005 for the purposes of creating an offshore vehicle, based in Ireland, through which it could sell tax-efficient investment products into the United Kingdom. Sales of these products commenced in 2006.


In February 2014, Standard Life announced that it may move parts of their operations outside Scotland in the event of Scottish independence, if it was necessary to do so.<ref>{{cite web|author=BBC |url=https://www.bbc.co.uk/news/uk-scotland-scotland-politics-26364418 |title=Scottish independence: Standard Life draws up 'Yes' contingency plan |publisher=BBC |date=27 February 2014 |access-date=27 February 2014}}</ref>
==Awards==


==See also==
Standard Life Assurance Limited was voted the Best Personal Pension Provider at the Money Marketing Awards 2004 – 2008 inclusive.
{{Portal|Companies}}

*]
In September 2007 Standard Life was awarded "Best Wrap Platform" at the Pensions Management – Technology, Administration and Service Awards ceremony. At the same event Standard Life also won the "People's Choice" award for the company that delivered the best technology, administration and service in the industry.

In February 2007 Standard Life was awarded "Best Overall Platform 2007" at adnitor's Platform Awards Ceremony. The company was also Highly Commended for Best Intermediary Platform Service Provider 2007.

Financial Technology Research Centre (FTRC) awarded Standard Life's Wrap an 'ee' rating soon after the launch in May 2006 and enhancing this to an 'eee' rating in November 2006. In May 2008 the company retained the ?eee' rating by FTRC for the third year in a row. Standard Life remains the only Wrap provider to have this rating.

Standard Life's legal team won the 'In- house Team of the Year' award at the Legal Business Magazine Awards 2007, at a ceremony in the Grosvenor House Hotel, London on 8 February 2007. The award recognises the work of Standard Life's legal team throughout the company's demutualisation and flotation, culminating in the year's biggest IPO in July 2006, valued at £4.65bn. The award was accepted on behalf of the team by Malcolm Wood, Standard Life Company Secretary and General Counsel.

FTAdviser Online Service awards 2008 – 5 Star Award in the Mortgage Providers and Packagers category at the FTAdviser Online Service Awards.
Best Self-Certification Mortgage Provider – Moneyfacts Awards 2007<ref name="awards3">{{Cite web|url=http://www.standardlife.co.uk/content/utility/newsroom/awards.html |title=Standard Life awards3 |publisher=Standardlife.co.uk |date= |accessdate=19 April 2011}}</ref>

11th Annual Webby Awards (2007) – Official Honoree

Gold Standard rating – Mortgage Strategy Awards (2006)

10th Annual Webby Awards (2006) – Official Honoree

Mortgage Magazine Awards 2006 – Best Flexible Mortgage Lender

Best Self-Certification Mortgage Provider – Moneyfacts Awards 2006

Best Notice Business Account Provider – Business Moneyfacts Awards 2006

==Controversy==
===Smear campaign===
In January 2006, Standard Life were accused of ] a policy-holder, Michael Hogan, who was not happy with the way the company was being run. An e-mail sent to Standard Life executives and advisors (which was disclosed under the ]) revealed an attempt to discredit him.<ref>{{Cite web|author=Richard Dyson, Mail on Sunday29 January 2006, 12:00&nbsp;am |url=http://www.thisismoney.co.uk/news/article.html?in_article_id=406573&in_page_id=2 |title=Is Standard Life fighting fair? |publisher=Thisismoney.co.uk |date=29 January 2006 |accessdate=19 April 2011}}</ref>

===Racism===
In January 2007, the head of Standard Life's life and pensions business, Trevor Matthews, used the phrase "]" while giving a presentation at one of the company's Edinburgh offices. After issuing an apology, Mr Matthews remained in his job and no disciplinary action was taken.<ref>{{Cite web|last=Hardie |first=Alison |url=http://thescotsman.scotsman.com/scotland/Standard-Life-boss-says-Im.3341371.jp |title="Standard Life boss says 'I'm so sorry' over racist remark" |publisher=Thescotsman.scotsman.com |date= |accessdate=19 April 2011}}</ref>

===Job cuts===
In March 2007 the company announced it would cut 1,000 jobs in an attempt to save an additional £100&nbsp;million per year in costs.<ref name="times"></ref> One month later it was highlighted in the company's annual report that three of Standard Life's top executives (Sandy Crombie, Keith Skeoch and Trevor Matthews) were awarded more than £5&nbsp;million in pay.<ref name="EEN">{{Cite web|url=http://edinburghnews.scotsman.com/index.cfm?id=615772007 |title=Fury at £5m for Standard Life bosses |publisher=Edinburghnews.scotsman.com |date= |accessdate=19 April 2011}}</ref>{{Dead link|date=October 2010}} A Standard Life spokesman defended the awards, citing the leadership's efforts in turning round the company's fortunes.<ref name="EEN" />{{Dead link|date=October 2010}}

===Data loss===
In May 2007, Standard Life sent some policy documents out to the wrong customers. Around 300 people had their personal and financial details made public, causing fears of identity theft.<ref name="EEN2">{{Cite web|url=http://edinburghnews.scotsman.com/uk.cfm?id=718752007 |title=Identity theft fears after SL letters blunder |publisher=Edinburghnews.scotsman.com |date= |accessdate=19 April 2011}}</ref> {{Dead link|date=October 2010}} The company pledged to step up security procedures after the error. No action was taken by the FSA.<ref name="EEN2" />


==References== ==References==
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==External links== ==External links==
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Latest revision as of 03:34, 2 August 2024

UK based investment company For other companies, see Standard Life (Canada) and Standard Insurance Company.

Standard Life Assurance Limited.
Company typePublic limited company
IndustryFinancial services
Founded1825; 199 years ago (1825)
HeadquartersEdinburgh, Scotland, UK
Number of employees6,431 (2015) Edit this on Wikidata
ParentPhoenix Group

Standard Life is a life assurance, pensions and long-terms savings company in the UK which is owned by Phoenix Group.

History

1825–2010

United Kingdom legislation
Standard Life Assurance Company's Act 1925
Act of Parliament
Parliament of the United Kingdom
Long titleAn Act to re-incorporate the Standard Life Assurance Company to provide for the control and management of the Company as a mutual company and for the conversion of its share capital into perpetual stock to confer further powers on the Company to repeal existing Acts and for other purposes.
Citation15 & 16 Geo. 5. c. xlii
Dates
Royal assent31 July 1925
Other legislation
Repealed byStandard Life Assurance Company Act 1991
Status: Repealed

The Standard Life Assurance Company was established in 1825 and reincorporated as a mutual assurance company in 1925. During the 19th century it opened offices in Canada, India, China and Uruguay.

In 2006 demutualisation took place and the company was floated on the London Stock Exchange. The company sold Standard Life Bank plc to Barclays plc in January 2010 and then acquired the remaining 75 per cent stake in Threesixty, a financial advisory support business, that it did not already own for an undisclosed sum in March 2010. It sold its healthcare division to Discovery Holdings, a South African business, in May 2010 and went on to buy Focus Solutions Group, a financial software company, for £42m in December 2010.

In January 2006, Standard Life were accused of smearing a policy-holder, Michael Hogan, who was not happy with the way the company was being run. An e-mail sent to Standard Life executives and advisors (which was disclosed under the Data Protection Act) revealed an attempt to discredit him.

2011–2015

Head office building located in Edinburgh, Scotland

In February 2013, the company acquired the private client division of Newton Management Limited, a UK wealth management unit of BNY Mellon, in a deal worth up to £83.5 million. In March 2014, it was announced that Standard Life was in advanced talks to purchase rival Phoenix Group Holdings' Ignis Asset Management for around £400 million. Towards the end of the month, Standard Life completed the acquisition for a fee of £390 million.

In September 2014, Standard Life agreed to sell its Canadian operations to The Manufacturers Life Insurance Company, a subsidiary of Manulife Financial Corporation. It completed this sale on 30 January 2015 for a cash consideration of C$4.0bn. The transaction included a Global Collaboration Agreement where Manulife will seek to distribute Standard Life Investments' funds in Canada, the US and Asia. In a round-up of 2014 business, pre-tax profits rose by 19% to £604m, fee-based revenue during the year grew 14% to 1.43bn, and over 340,000 auto-enrolment customers were added. The pay and bonus of Chief Executive, David Nish, rose by 23% to almost £5.5m.

In February 2015, Standard Life announced it was launching a wholly-owned, UK financial advice business. In doing so, it confirmed that it had entered into an agreement with Skipton Building Society to purchase Pearson Jones, a firm of financial advisers and paraplanners, and this acquisition was completed in May 2015 when the name of its new financial advice business was announced as "1825" – a reference to the year Standard Life was founded.

2016–2017

In July 2016, a property investment fund managed by Standard Life Investments froze withdrawals after experiencing liquidity issues.

In March 2017, Standard Life reached an agreement to merge with Aberdeen Asset Management, in an all-share merger, subject to shareholder approval. It was announced that the merged company was to be named Standard Life Aberdeen. This was achieved by Standard Life being renamed Standard Life Aberdeen on 14 August 2017.

2018 - 2021

In 2018, Phoenix Group Holdings plc acquired Standard Life from Standard Life Aberdeen plc for £2.9 billion.

In May 2021, Phoenix Group acquired the 'Standard Life' brand and in July 2021 Aberdeen Standard Life Group companies rebranded as ‘abrdn’.

Controversy

In January 2007, the head of Standard Life's life and pensions business, Trevor Matthews, used the racist phrase "nigger in the woodpile" while giving a presentation at one of the company's Edinburgh offices. After issuing an apology, Mr Matthews remained in his job and no disciplinary action was taken.

In March 2007 the company announced it would cut 1,000 jobs in an attempt to save an additional £100 million per year in costs. One month later it was highlighted in the company's annual report that three of Standard Life's top executives (Sandy Crombie, Keith Skeoch and Trevor Matthews) were awarded more than £5 million in pay. A Standard Life spokesman defended the awards, citing the leadership's efforts in turning around the company's fortunes.

In February 2014, Standard Life announced that it may move parts of their operations outside Scotland in the event of Scottish independence, if it was necessary to do so.

See also

References

  1. "Standard Life history: One of the first Empire builders". www.scotsman.com. Retrieved 27 October 2021.
  2. "Phoenix brings in Aegon investment head to manage Standard Life brand". Corporate Adviser. 23 February 2021. Retrieved 19 October 2021.
  3. ^ Standard Life history: One of the first Empire builders The Scotsman, 2 September 2010
  4. Standard Life policyholders rush to cash in on flotation The Guardian, 24 September 2006
  5. Barclays buys Standard Life Bank for £226m Daily Telegraph, 26 October 2009
  6. Standard Life takes full control of Threesixty The Scotsman, 15 March 2010
  7. Standard Life sells healthcare division BBC News, 11 May 2010
  8. Standard Life buys Focus for £42m BBC News, 7 December 2010
  9. "E-mail reveals Standard Life 'smeared' critic". FOIA Centre. 25 February 2006.
  10. Nicole Blackmore (27 February 2013). "Standard Life Wealth acquires Newton's private client division". Fundweb.
  11. Richa Naidu (24 March 2014). "Standard Life in advanced talks to buy Phoenix asset management unit". Reuters.
  12. Simon Jessop (26 March 2014). "Standard Life ramps up fund business with Ignis acquisition". Reuters.
  13. Manulife to buy Standard Life's Canadian assets for $3.7 billion. Reuters, 4 September 2014
  14. "CityAM News - Disposal of Canadian Companies". CityAM. Archived from the original on 29 May 2015. Retrieved 2 February 2015.
  15. "BBC News - Standard Life reports sharp rise in operating profit". BBC News. Retrieved 21 March 2015.
  16. "London Stock Exchange, Market News". London Stock Exchange. 6 February 2015. Archived from the original on 29 May 2015.
  17. "Standard Life completes purchase of Pearson Jones in £1bn advice play". Professional Adviser. 11 May 2015.
  18. "Standard Life names restricted advice business 1825". Professional Adviser. 1 May 2015.
  19. Osborne, Hilary; Treanor, Jill; Osborne, Hilary; Treanor, Jill (4 July 2016). "Standard Life shuts property fund amid rush of Brexit withdrawals". The Guardian. Retrieved 14 April 2017.
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