Terrible twos

20 Mar 2017 By Neil Unmack Follow @unmack1

The fund managers have spelled out how Chief Executives Keith Skeoch and Martin Gilbert will split the job after their planned merger. But it’s still a fudge, with too much room for discord. Judging by the share price, investors are giving the deal two thumbs down.

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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 UK asset managers.

Skeoch, who runs Standard Life, will be responsible for “the day to day running of the fabric of the combined business” including investments, pensions and savings, insurance ventures in India and China, as well as operations, finance, human resources, risk and regulatory culture, and legal functions.

Gilbert, who founded and runs Aberdeen, will be responsible for “external matters” including international activities, distribution, business development, marketing and corporate development.

Both men will be jointly accountable for communications and the integration of the two businesses after the merger.

The combined group will also set up a four-person chairman’s committee to “ensure effective co-ordination” between the two chief executives. It will be chaired by Gerry Grimstone, who currently holds the chairman’s role at Standard Life, and also include Deputy Chairman Simon Troughton, Skeoch and Gilbert.

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Gilbert, who founded and runs Aberdeen, will be responsible for “external matters” including international activities, distribution, business development, marketing and corporate development.

Both men will be jointly accountable for communications and the integration of the two businesses after the merger.

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