Standard Life

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Standard Life is a life assurance, pensions and long-terms savings company in the UK which is owned by Phoenix Group.[1][2]

History

1825–2010Script error: No such module "anchor".

Template:Short descriptionScript error: No such module "Infobox".Script error: No such module "Check for unknown parameters". The Standard Life Assurance Company was established in 1825 and reincorporated as a mutual assurance company in 1925.[3] During the 19th century it opened offices in Canada, India, China and Uruguay.[3]

In 2006 demutualisation took place and the company was floated on the London Stock Exchange.[4] The company sold Standard Life Bank plc to Barclays plc in January 2010[5] 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.[6] It sold its healthcare division to Discovery Holdings, a South African business, in May 2010[7] and went on to buy Focus Solutions Group, a financial software company, for £42m in December 2010.[8]

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.[9]

2011–2015

File:Head Office Standard Life Plc.JPG
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.[10] 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.[11] Towards the end of the month, Standard Life completed the acquisition for a fee of £390 million.[12]

In September 2014, Standard Life agreed to sell its Canadian operations to The Manufacturers Life Insurance Company, a subsidiary of Manulife Financial Corporation.[13] 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.[14] 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.[15]

In February 2015, Standard Life announced it was launching a wholly-owned, UK financial advice business.[16] In doing so, it confirmed that it had entered into an agreement with Skipton Building Society to purchase Pearson Jones,[17] 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.[18]

2016–2017

In July 2016, a property investment fund managed by Standard Life Investments froze withdrawals after experiencing liquidity issues.[19][20]

In March 2017, Standard Life reached an agreement to merge with Aberdeen Asset Management, in an all-share merger, subject to shareholder approval.[21] It was announced that the merged company was to be named Standard Life Aberdeen.[22] This was achieved by Standard Life being renamed Standard Life Aberdeen on 14 August 2017.[23]

2018 - 2021

In 2018, Phoenix Group Holdings plc acquired Standard Life from Standard Life Aberdeen plc for £2.9 billion.[24]

In May 2021, Phoenix Group acquired the 'Standard Life' brand [25] and in July 2021 Aberdeen Standard Life Group companies rebranded as ‘abrdn’.[26]

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.[27]

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.[28] 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.[29] A Standard Life spokesman defended the awards, citing the leadership's efforts in turning around the company's fortunes.[29]

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.[30]

See also

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References

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  1. ↑ Script error: No such module "citation/CS1".
  2. ↑ Script error: No such module "citation/CS1".
  3. ↑ a b 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. ↑ Script error: No such module "citation/CS1".
  10. ↑ Script error: No such module "citation/CS1".
  11. ↑ Script error: No such module "citation/CS1".
  12. ↑ Script error: No such module "citation/CS1".
  13. ↑ Manulife to buy Standard Life's Canadian assets for $3.7 billion. Reuters, 4 September 2014
  14. ↑ Script error: No such module "citation/CS1".
  15. ↑ Script error: No such module "citation/CS1".
  16. ↑ Script error: No such module "citation/CS1".
  17. ↑ Script error: No such module "citation/CS1".
  18. ↑ Script error: No such module "citation/CS1".
  19. ↑ Script error: No such module "citation/CS1".
  20. ↑ Script error: No such module "citation/CS1".
  21. ↑ Script error: No such module "citation/CS1".
  22. ↑ Script error: No such module "citation/CS1".
  23. ↑ Script error: No such module "citation/CS1".
  24. ↑ Script error: No such module "citation/CS1".
  25. ↑ Script error: No such module "citation/CS1".
  26. ↑ Script error: No such module "citation/CS1".
  27. ↑ Script error: No such module "citation/CS1".
  28. ↑ Standard Life in bid to axe 1,000 jobs Evening Times, 23 March 2007
  29. ↑ a b Script error: No such module "citation/CS1".
  30. ↑ Script error: No such module "citation/CS1".

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External links

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