Standard Life Aberdeen PLC said Tuesday that it is simplifying and extending its strategic partnership with Phoenix Group Holdings PLC, and that it will sell its Standard Life brand to the company during 2021.
The FTSE 100 asset manager said the partnership will now focus on the provision of its asset-management services to Phoenix, as well as on its insurance and workplace-pension customers.
The strategic asset management partnership will now operate until at least 2031, it added.
Regarding the sale of the name of its brand, Standard Life Aberdeen said this isn’t expected to have any material effects on its earnings, and added that some of its employees will transfer to Phoenix.
“Standard Life Aberdeen will pay 32 million pounds ($45 million) to Phoenix Group in return for Phoenix Group bearing the cost of some transferring colleagues going forward,” Standard Life Aberdeen said.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix
Standard Life Aberdeen PLC said Tuesday that it is simplifying and extending its strategic partnership with Phoenix Group Holdings PLC, and that it will sell its Standard Life brand to the company during 2021.
The FTSE 100 asset manager said the partnership will now focus on the provision of its asset-management services to Phoenix, as well as on its insurance and workplace-pension customers.
The strategic asset management partnership will now operate until at least 2031, it added.
Phoenix also said that it will sell its SLAL UK investment and platform-related products — comprising Wrap Self Invested Personal Pension, Onshore Bond and UK Trustee Investment Plan — to Standard Life Aberdeen for an upfront payment of 62.5 million pounds ($87.9 million).
Through this transaction, Phoenix will receive GBP115 million of cash consideration and ownership of the Standard Life brand.
Regarding the sale of the name of its brand, Standard Life Aberdeen said this isn’t expected to have any material effects on its earnings, and added that some of its employees will transfer to Phoenix.
“Standard Life Aberdeen will pay GBP32 million to Phoenix Group in return for Phoenix Group bearing the cost of some transferring colleagues going forward,” Standard Life Aberdeen said.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix
