The Competition and Markets Authority has today launched an inquiry into the planned merger of Standard Life and Aberdeen Asset Management.

The CMA announced yesterday, 22 May 2017, that it will be investigating the anticipated acquisition of Aberdeen Asset Management by Standard Life.

The body is looking to gage whether the merger could reduce competition within any market or markets in the UK for goods and services and whether it meets the provisions of the Enterprise Act 2002.

“Standard Life today filed an application with the CMA in respect of the proposed merger with Aberdeen Asset Management. This has triggered today’s announcement by the CMA that the standard phase 1 review of this application is now underway. This is one of a number of regulatory and antitrust approvals being sought as part of the merger process. Approval for the merger has already been granted by competition authorities in the US and Germany,” a Standard Life spokesperson said.

The invitation to provide written comment on the merger closes on 6 June 2017.
The CMA has stated that it will announce its decision as the whether to refer the merger for a Phase 2 investigation on 18 July 2017.

The two firms said that they were in merger talks in March this year and have since revealed that around 800 jobs are expected to be cut from the deal, which is expected to achieve cost savings of £200m per year.

The companies said they expect to achieve cost synergies “where duplication exists and by taking advantage of opportunities to leverage the additional scale of the combined group”.

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