The two fund management firms, which announced the terms of an £11bn merger two weeks ago, revealed then that their chief executives would become joint heads of the merged firm, but today they clarified their roles.
Peter Lenardos, analyst at RBC, said that while the statement was helpful in soothing concerns about the co-CEO structure, "investors' primary concerns relate to ongoing net outflows at each business, and the potential for further disruption as the businesses integrate".
- Aberdeen Asset Management and Standard Life have offered more details on how current bosses Keith Skeoch and Martin Gilbert would work together as co-chief executives after a planned all-share merger between the two United Kingdom asset managers.
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Responsible for investments, pensions and savings, the India and China insurance joint ventures, operations, finance, HR, risk and regulatory culture and legal and secretariat functions, Mr Skeoch appears to have a heftier to-do list. "Keith will oversee the fabric of the company whilst I will be more outward facing, focused on building and strengthening client relationships and developing worldwide business".
Skeoch and Gilbert will be co-CEOs, sharing responsibility for the executive committee, the combined group's strategy and objectives and overseeing operational performance and strategic direction and the post-merger integration programme.
Gilbert will be in charge of "international activities, distribution including client engagement and business development, marketing and corporate development".
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The announcement comes after many in the City questioned the plan to keep both chief executives on.
'I am delighted that we have announced these clear accountabilities for the co-chief executives in the combined business, ' Grimstone said.
"In the meantime, we each remain focused not just on the successful completion of the merger, but also on the needs of our people, clients, customers and shareholders". It will be led by Standard Life chairman Gerry Grimstone, and Aberdeen chairman Simon Troughton will be his deputy. This blend of complementary skills and experience will serve the company well.
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