Standard Life is a life assurance, pensions and long-term savings company operating in the United Kingdom which, since 2018, has been owned by Standard Life plc (formerly Phoenix Group Holdings plc).[1][2]
Standard Life is a life assurance, pensions and long-term savings company operating in the United Kingdom which, since 2018, has been owned by Standard Life plc (formerly Phoenix Group Holdings plc).[1][2]
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.[9] 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.[10] Towards the end of the month, Standard Life completed the acquisition for a fee of £390 million.[11]
In September 2014, Standard Life agreed to sell its Canadian operations to The Manufacturers Life Insurance Company, a subsidiary of Manulife Financial Corporation.[12] 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.[13] 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.[14]
In February 2015, Standard Life announced it was launching a wholly owned, UK financial advice business.[15] In doing so, it confirmed that it had entered into an agreement with Skipton Building Society to purchase Pearson Jones,[16] 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.[17]
In July 2016, a property investment fund managed by Standard Life Investments froze withdrawals after experiencing liquidity issues.[18][19]
In March 2017, Standard Life reached an agreement to merge with Aberdeen Asset Management, in an all-share merger, subject to shareholder approval.[20] It was announced that the merged company was to be named Standard Life Aberdeen.[21] This was achieved by Standard Life being renamed Standard Life Aberdeen on 14 August 2017.[22]
In 2018, Phoenix Group Holdings plc acquired Standard Life from Standard Life Aberdeen plc for £2.9 billion.[23]
In May 2021, Phoenix Group acquired the 'Standard Life' brand [24] and in July 2021 Aberdeen Standard Life Group companies rebranded as ‘abrdn’.[25]
Phoenix Group Holdings plc became Standard Life plc in March 2026.[26]
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]