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Standard Life Wealth Merges Into Standard Life Investments
Stephen Little
21 November 2013
, 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.