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			{{short description\|UK based investment company}}
	'''Standard Life''' was ]'s largest ] company, as its shareholders voted for ]as was widely expected in 2006. Established in 1825, Standard Life is a major employer in ], with 7,500 employees in ]'s capital and over 12,000 worldwide.
			{{about\|\|other companies\|Standard Life (Canada)\|and\|Standard Insurance Company}}
			{{Use dmy dates\|date=July 2020}}
			{{Infobox company
			\| name = Standard Life Assurance Limited.
			\| logo = Standard Life Logo.svg
			\| type = ]
			\| traded_as =
			\| key_people =
			\| industry = ]
			\| products =
			\| parent = ]
			\| subsid =
			\| homepage =
			\| foundation = {{start date and age\|1825}}
			\| 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 Group comprises of six main areas: Standard Life Assurance Company, Standard Life Bank, Standard Life Investments, Standard Life Healthcare, and Standard Life International.

			==History==
	Current assets under management exceed £108 billion. Standard Life has in excess of seven million customers worldwide, with five million in the UK. Of these, 2.6 million are with profits members of the mutual.
			===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>
	]
	]
	]
	{{Scotland-stub}}
	{{company-stub}}

			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>
	]

			===2011–2015===
			]

			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>

			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>

			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>

			===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 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>

			===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>

			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==

			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>

			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.<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 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" />

			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>

			==See also==
			{{Portal\|Companies}}
			*]

			==References==
			{{Reflist}}

			==External links==
			{{commons category\|Standard Life}}

			{{Authority control}}

			]
			]
			]
			]
			]
			]
			]
			]
			]
			]

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 type	Public limited company
Industry	Financial services
Founded	1825; 199 years ago (1825)
Headquarters	Edinburgh, Scotland, UK
Number of employees	6,431 (2015)
Parent	Phoenix 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 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.
Citation	15 & 16 Geo. 5. c. xlii
Dates
Royal assent	31 July 1925
Other legislation
Repealed by	Standard 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

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.

References

"Standard Life history: One of the first Empire builders". www.scotsman.com. Retrieved 27 October 2021.
"Phoenix brings in Aegon investment head to manage Standard Life brand". Corporate Adviser. 23 February 2021. Retrieved 19 October 2021.
^ Standard Life history: One of the first Empire builders The Scotsman, 2 September 2010
Standard Life policyholders rush to cash in on flotation The Guardian, 24 September 2006
Barclays buys Standard Life Bank for £226m Daily Telegraph, 26 October 2009
Standard Life takes full control of Threesixty The Scotsman, 15 March 2010
Standard Life sells healthcare division BBC News, 11 May 2010
Standard Life buys Focus for £42m BBC News, 7 December 2010
"E-mail reveals Standard Life 'smeared' critic". FOIA Centre. 25 February 2006.
Nicole Blackmore (27 February 2013). "Standard Life Wealth acquires Newton's private client division". Fundweb.
Richa Naidu (24 March 2014). "Standard Life in advanced talks to buy Phoenix asset management unit". Reuters.
Simon Jessop (26 March 2014). "Standard Life ramps up fund business with Ignis acquisition". Reuters.
Manulife to buy Standard Life's Canadian assets for $3.7 billion. Reuters, 4 September 2014
"CityAM News - Disposal of Canadian Companies". CityAM. Archived from the original on 29 May 2015. Retrieved 2 February 2015.
"BBC News - Standard Life reports sharp rise in operating profit". BBC News. Retrieved 21 March 2015.
"London Stock Exchange, Market News". London Stock Exchange. 6 February 2015. Archived from the original on 29 May 2015.
"Standard Life completes purchase of Pearson Jones in £1bn advice play". Professional Adviser. 11 May 2015.
"Standard Life names restricted advice business 1825". Professional Adviser. 1 May 2015.
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.
Williams-Grut, Oscar (5 July 2016). "'2016 is shaping up to be a rerun of 2007:' A giant UK property fund is stopping people taking money out". Retrieved 14 April 2017.
"Aberdeen Asset Management and Standard Life confirm merger terms". BBC News. 6 March 2017. Retrieved 7 March 2017.
"CMA clears Standard Life-Aberdeen Asset Management merger - BBC News". Bbc.co.uk. Retrieved 8 August 2017.
"Standard Life (UK): Merger with Aberdeen Asset Management (UK) - Update". FTSE. 9 August 2017. Archived from the original on 11 August 2017. Retrieved 10 August 2017.
"Edinburgh pensions operation supports 2,800 jobs in city". Herald Scotland. Retrieved 31 March 2021.
Cohn, Michael Shields, Simon Jessop, Carolyn (6 December 2019). "Britain's Phoenix to buy Swiss Re's ReAssure business for $4.1 billion" – via www.reuters.com.{{cite web}}: CS1 maint: multiple names: authors list (link)
"Standard Life Aberdeen becomes abrdn as it moves to 'single global brand'". Investment Week. 5 July 2021. Retrieved 6 July 2021.
Treanor, Jill (26 January 2007). "Standard Life boss apologises for making racist remark". The Guardian. Retrieved 14 April 2017.
Standard Life in bid to axe 1,000 jobs Evening Times, 23 March 2007
^ "Fury at £5m for Standard Life bosses". Edinburghnews.scotsman.com. Retrieved 19 April 2011.
BBC (27 February 2014). "Scottish independence: Standard Life draws up 'Yes' contingency plan". BBC. Retrieved 27 February 2014.

External links

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