Standard Life Wealth, the discretionary fund management subsidiary of Standard Life, is merging into Standard Life Investments, effective 1 January 2014.

Standard Life Wealth, the discretionary fund management subsidiary of Standard Life, is merging into Standard Life Investments, effective 1 January 2014.

Chief executive Richard Charnock will be appointed to Standard Life Investments’ board on 1 January 2014, subject to FCA approval.

He will report to Keith Skeoch, CEO Standard Life Investments.

“Following the recent acquisition of Newton Private Clients, Standard Life Wealth has become a substantial asset management business, which has created a deeper operational and investment link between our two companies. It now makes sense to align our two businesses more closely," said Skeoch.

Standard life completed the acquisition of Newton Private Clients from Newton Management Limited for an undisclosed amount in September.

The deal increases Standard Life's assets under management to £5.5 billion ($8.8 billion) and is expected to be accretive to earnings in the first full year following completion.