Proactiveinvestors United Kingdom Standard Life https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Standard Life RSS feed en Tue, 23 Jul 2019 03:43:18 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Barclays a fan of recent Standard Life Aberdeen merger as it double upgrades investment giant ]]> https://www.proactiveinvestors.co.uk/companies/news/182464/Barclays-a-fan-of-recent-Standard-Life-Aberdeen-merger-as-it-double-upgrades-investment-giant-182464.html Shares in Standard Life Aberdeen PLC (LON:SL.) were up again on Tuesday Morning after the recently merged investment giant was on the end of a double upgrade from Barclays analysts.

The £11bn merger – which has created the second largest fund manager in Europe – officially completed yesterday but Barclays analyst Daniel Garrod can already see the benefits.

READ: Standard Life Aberdeen edges higher on first day of trading

Standard Life Aberdeen is targeting cost savings of £200mln a year from the merger which Garrod thinks is more than achievable.

“£200mln of cost synergies equates to c.11% of combined cost base and 18% of pro-forma profits,” he explained in a note to clients this morning.

“The incremental detail supplied around realisation timeline, split by area and the fact that dis-synergies to date appear minimal makes this total more convincing, in our opinion.”

Standard Life’s Global Absolute Returns Strategies fund had a well-documented difficult year in 2016 but Garrod thinks the “improving momentum” behind the flagship fund bodes well, as does the encouraging performance of Aberdeen’s Global – Emerging Markets fund.

“Whilst it will take time for the 2016 underperformance to drop out, 2017 performance to date is positive with c. 2.1% [up] over one year. Aberdeen’s gem fund is up 16% over one year to end July and c.2% over three years, and has returned to positive inflows [in the first quarter] at £0.66bn.”

Attractive valuation compared to peers

In addition to the M&A synergies and the potential for flow recovery in two key funds, Garrod reckons all the metrics point to the new enlarged group being undervalued when compared to its peers.

“On our combined numbers, we estimate SLA is trading at 12.5x 2018 PE [price-earnings] vs ~15.5x average for its peers. In addition, SLA has attractive optionality for additional valuation upside from the IPO of its Indian JV and possible sale of its UK annuity book.”

Standard Life Aberdeen shares were up 1.9% to 432p in mid-morning trade on Tuesday.

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Tue, 15 Aug 2017 10:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/182464/Barclays-a-fan-of-recent-Standard-Life-Aberdeen-merger-as-it-double-upgrades-investment-giant-182464.html
<![CDATA[News - Standard Life Aberdeen edges higher on first day of trading after £11bn merger completes ]]> https://www.proactiveinvestors.co.uk/companies/news/182373/standard-life-aberdeen-edges-higher-on-first-day-of-trading-after-11bn-merger-completes-182373.html Standard Life PLC (LON:SL.) and Aberdeen Asset Management PLC (LON:ADM) began their new life together as Standard Life Aberdeen this morning after their merger finally completed.

The £11bn merger was originally agreed back in March but has had to clear various regulatory hurdles in the intervening months.

Standard Life Aberdeen is now the UK’s largest fund manager and the second largest in Europe, with an estimated £660bn under management.

READ: Standard Life and Aberdeen must prepare for battle against passive investing boom, analysts warn

Unusually, the investment giant has two chief executives; Standard Life’s former boss Keith Skeoch and Aberdeen’s ex-CEO Martin Gilbert are both holding the reins together.

They’re backed up by a 16-strong board made up of an equal number of Standard Life and Aberdeen directors.

"Today marks the culmination of many months of hard work and preparation by our business and the beginning of a new chapter in our history as Standard Life Aberdeen PLC. Our leadership team is in place and we have full business readiness from day one,” said co-CEO Skeoch.

“The merger deepens and broadens our investment capabilities and gives us a stronger and more diverse range of investment management skills as well as significant scale across asset classes and geographies.”

READ: Standard Life and Aberdeen Asset will be a good income earner after merger, suggests HSBC

Standard Life Aberdeen will be headquartered in Scotland with offices around the world, and it hopes the merger will generate cost savings of £200mln a year.

As part of those savings, the company expects to trim around 10% of the combined workforce over the coming three years. 

‘Merger creates a giant in the sector’

“Standard Life Aberdeen will benefit from increased scale across asset classes, as well as broadened investment capabilities across a larger global footprint,” said LGB Corporate Finance managing director Angus Grierson.

“The growing trend of consolidation among the top-tier asset managers continues with the announcement last week of the proposed merger of M&G and Prudential and we expect the mid-tier to follow suit as they seek strategic solutions in the face of technological disruption, slow organic growth and growing regulatory pressures.”

Standard Life Aberdeen shares were up 1.5% to 417p in late morning trade.

--Updates for comment and share price--

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Mon, 14 Aug 2017 08:25:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/182373/standard-life-aberdeen-edges-higher-on-first-day-of-trading-after-11bn-merger-completes-182373.html
<![CDATA[News - Standard Life and Aberdeen must prepare for battle against passive investing boom, analysts warn ]]> https://www.proactiveinvestors.co.uk/companies/news/182126/standard-life-and-aberdeen-must-prepare-for-battle-against-passive-investing-boom-analysts-warn-182126.html Standard Life PLC's (LON:SL.) struggle to stem net outflows highlights the pressure that active fund managers are under from lower-cost passive investing competitors.

The company, which is on track to complete its merger with Aberdeen Asset Management plc (LON:ADN) on 14 August, suffered £3.7bn in net outflows in the first half.

A weaker investment performance at the group’s flagship Absolute Return Global Bond Strategies (GARS) fund was blamed for the outflows.

READ: Standard Life says it will complete Aberdeen Asset Management merger next week as it lifts profits

Neil Wilson, senior market analyst at ETX Capital, said the wider active fund management sector has been hit by outflows recently, including Aberdeen.

“Active fund management is not dead but more and more investors are swapping the hefty fees of the star managers in favour of passive investing,” he said.

“Passive investing represents more than a tenth of UK investment holdings and according to Moody’s, it will overtake active management by 2024 in the US.”

Passive investing involves buying a variety of securities that track the overall performance of an index like the FTSE 100 and has much lower fees than active fund management, whereby a manager will select the holdings of a portfolio based on analytical research and their own judgement. The former strategy is more machine-based in that a computer tracks investments against an index, while active fund mangement has more of a human element, hence the higher fees.

Standard Life and Aberdeen face sector-wide challenges

Wilson said Standard Life’s planned merger with Aberdeen will offer the pair much greater scale and £200mln of estimated annual cost savings but active fund management has to cope with much change.

“It’s becoming a tougher sell to investors and fees are falling. Passive investing represents more than a tenth of UK investment holdings and according to Moody’s, it will overtake active management by 2024 in the US.”

Shore Capital said Standard Life and Aberdeen’s proposed merger feels like a “defensive move” by the two companies in an attempt to drive out costs and compete with passive investment.

The broker also “doubts the wisdom” of the decision to have Standard Life boss Keith Skeoch and Aberdeen boss Martin Gilbert serve as joint chief executives of the combined group. The machinations of the joint CEO roles will be scrutinised closely in the months to come, ShoreCap said.    

First half profits beat forecasts but outflows and margins a concern

ShoreCap reiterated a ‘hold’ rating on Standard Life, saying first half profits were ahead of its expectations but that the level of net outflows and a decline in fee based revenue margins in its workplace and retail businesses were “likely to worry the market”.

Standard Life delivered a 6% increase in operating profit to £362mln in the first half and raised its dividend by 8.2% to 7p. Assets under management rose 1% to £361.0mln despite the outflows as a poor performance in its institutional investment business was offset by growth in its workplace and retail divisions.

Nicholas Hyett, equity analyst at Hargreaves Lansdown, said: “There are two sides to today’s numbers. On the one hand profits and dividends have delivered a meaningful improvement. On the other, Standard Life continues to struggle with outflows from the flagship GARS fund, with knock on effects on margins,” said Nicholas Hyett, equity analyst at Hargreaves Lansdown.”

However, the results are something of a side show to the group’s planned merger with Aberdeen, Hyett added.

Valuation 'reasonably attractive', says Numis

Numis issued an upbeat note on Standard Life’s results and the pending merger, repeating an ‘add’ rating and target price of 465p.

“We think the valuation is reasonably attractive,” the broker said, pointing to the combined company’s targeted cost synergies and an estimated 5.2% dividend yield in fiscal year 2018.

“We also believe that the group will be more diversified than either individual business was before, reducing shareholder risks to specific factors.”

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Tue, 08 Aug 2017 11:14:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/182126/standard-life-and-aberdeen-must-prepare-for-battle-against-passive-investing-boom-analysts-warn-182126.html
<![CDATA[News - Standard Life says it will complete Aberdeen Asset Management merger next week as it lifts profits ]]> https://www.proactiveinvestors.co.uk/companies/news/182106/standard-life-says-it-will-complete-aberdeen-asset-management-merger-next-week-as-it-lifts-profits-182106.html Standard Life plc (LON:SL.) said it is on track to complete its £11bn merger with Aberdeen Asset Management plc (LON:ADN) next week as it reported a 6% increase in first half operating profit.

In its last set of results as a standalone company before combining with Aberdeen, the insurance and asset management group posted operating profit of £362mln in the six months to 30 June, up from £341mln in the year-ago period.

Assets under management (AuM) edged up 1% to £361.0mln from £357.1mln last year, as a poor performance in its institutional investment business was mitigated by growth in its workplace and retail divisions.

However, the group saw net outflows of £3.7bn, compared to net inflows of £0.9mln the prior year. This reflected an increase in redemptions to £24.4bn from £20.9bn last year due to a weaker investment performance at its flagship Absolute Return Global Bond Strategies fund. Gross inflows also slowed to £20.7bn from £21.8bn.

In reaction, shares fell 2.34% to 434.90p in morning trading. 

Fee based revenue climbed 5% to £836mln from £794mln, driven by its retail arm, which was boosted by the acquisition of Axa's portfolio services business, known as Elevate.

“We continue to see the benefits of targeted investments to further our diversification agenda, the success of our newer investment solutions and the ongoing focus on operational efficiency,” said chief executive Skeoch.

Merger to deliver cost synergies

Standard Life said its plan to deliver £200mln in annual cost synergies through its planned merger with Aberdeen was “progressing well”. The combination of the two companies will create the UK’s largest asset management group and the second biggest in Europe.

"With the proposed merger with Aberdeen on track for completion on 14 August we are ready to accelerate the pace of strategic delivery as we open the next chapter of our transformation to a diversified world-class investment company,” said Skeoch.

“The combined leadership team of Standard Life and Aberdeen has been working well together to ensure ‘Day 1’ readiness.”

The company lifted its interim dividend by 8.2% to 7p.

Underlying cash generation rose 1% to £256mln from £254mln, ending the period with a cash position of £0.8bn, unchanged from the previous year.

Standard Life cautious on Brexit uncertainty

Standard Life strengthened its capital buffers with a Solvency II surplus of £3.5bn, compared to £3.3bn last year, representing solvency cover of 220%, up from 214%.

The group was cautious about the uncertainty surrounding Brexit negotiations but said it believes it will be better placed to deal with challenges on completion of its merger with Aberdeen.

“We are well placed to continue to meet changing client and customer needs globally, and to generate growing and sustainable returns for our shareholders,” Skeoch concluded.

Looking ahead, the company expects the slowdown in gross inflows to ease and sees strong demand for its retail platforms and an improving investment performance.

Fund managers face fierce competition, says analyst

Neil Wilson, senior market analyst at ETX Capital, said the merger comes as active fund managers are under pressure from low-cost competitors. More investors are swapping the hefty fees of the star managers in favour of passive investing, he said. 

"Whether the merger pays off, active fund management has to cope with a lot of change," Wilson said.

"It’s becoming a tougher sell to investors and fees are falling. Passive investing represents more than a tenth of UK investment holdings and according to Moody’s, it will overtake active management by 2024 in the US.”

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Tue, 08 Aug 2017 07:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/182106/standard-life-says-it-will-complete-aberdeen-asset-management-merger-next-week-as-it-lifts-profits-182106.html
<![CDATA[News - Standard Life and Aberdeen Asset will be a good income earner after merger, suggests HSBC ]]> https://www.proactiveinvestors.co.uk/companies/news/180906/standard-life-and-aberdeen-asset-will-be-a-good-income-earner-after-merger-suggests-hsbc-180906.html Standard Life PLC (LON:SL.) and Aberdeen Asset’s (LON:ADN) merger is a sensible move according to HSBC, which is a buyer of both investment groups ahead of the formal completion.

In particular, HSBC points to a 33% earnings discount currently for Standard Life to UK asset managers overall, while the enlarged group will offer a pro-forma dividend yield of 5.4% in 2017 that can grow at 10% per year until 2019.

READ: Competition regulator greenlights £11bn Standard Life-Aberdeen merger

The merger builds scale, diversifies both companies’ businesses and helps offset revenue and cost pressures, said the broker.

Savings of about £200mln will boost operating profit margins with the cost:income ratio set to reduce to 56% in 2019 versus 63% in 2016, though this forecast may be conservative suggests HSBC.

There are also signs that outflows from funds managed by both companies may be easing with an improvement in the performance of Standard Life’s flagship fund and money moving back into emerging markets.

At present, both share prices underestimate the merger synergies concludes HSBC, while assuming no growth in future at Standard Life.

Upgrading from hold, its new target prices are 350p for Aberdeen Asset and 460p for Standard Life, or potential upside of about 13% for both shares.

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Fri, 14 Jul 2017 10:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/180906/standard-life-and-aberdeen-asset-will-be-a-good-income-earner-after-merger-suggests-hsbc-180906.html
<![CDATA[News - Competition regulator greenlights £11bn Standard Life-Aberdeen merger ]]> https://www.proactiveinvestors.co.uk/companies/news/179667/competition-regulator-greenlights-11bn-standard-life-aberdeen-merger-179667.html The £11bn merger between fund manager giants Standard Life PLC (LON:SL.) and Aberdeen Asset Management PLC (LON:AND) has been cleared by the UK competition watchdog this morning.

The Competition and Market Authority’s decision not to press ahead with a more in-depth ‘phase two’ investigation means the deal is on course to close by mid-August.

The merger will create the UK’s largest asset management group and the second biggest in Europe with £660bn of assets under management.

In a statement, the two firms said: “Standard Life and Aberdeen note the announcement today by the CMA that it has completed its review of their proposed merger and has cleared the transaction unconditionally.”

The deal, which will see Aberdeen shareholders own 33.3% of the combined group and Standard Life shareholders owning the remainder, was agreed back in March.

Shareholders in favour

The CMA’s decision comes after shareholders of both companies voted in favour of the merger earlier this week.

Just shy of 99% of Standard Life investors backed the deal, while 94.6% agreed with the planned directors’ remuneration policy.

On the Aberdeen side, 95.8% of shareholders voted for the tie-up, while 78.6% approved the executive pay motion.

Standard Life Aberdeen

The two Scotland-based companies want to create a global industry powerhouse and are targeting £200mln a year in cost savings. As part of those cost-cutting plans, the two fund managers expect to cut almost 10% of their combined workforce.

The combined group will be renamed Standard Life Aberdeen. It will also be headquartered in Scotland and will continue to have offices around the world.

Both companies have previously agreed on a 16-strong board made up of an equal number of Standard Life and Aberdeen directors.

Standard Life chief executive Keith Skeoch and Aberdeen boss Martin Gilbert will become co-chief executives of the new firm.

Standard Life shares shed 1% to 388.1p, while the Aberdeen share price fell 0.8% in early deals to 291.7p.

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Thu, 22 Jun 2017 08:44:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/179667/competition-regulator-greenlights-11bn-standard-life-aberdeen-merger-179667.html
<![CDATA[News - Aberdeen Asset Management and Standard Life to cut 800 jobs as part of £11bn merger ]]> https://www.proactiveinvestors.co.uk/companies/news/177588/aberdeen-asset-management-and-standard-life-to-cut-800-jobs-as-part-of-11bn-merger-177588.html The planned £11bn merger between Aberdeen Asset Management PLC (LON:ADN) and Standard Life PLC (LON:SL.) will see the two fund managers cut almost 10% of their combined workforce.

The two Scotland-based companies said the job losses are part of plans to generate £200mln a year in cost savings as they look to create a global industry powerhouse.

Between them, Standard Life and Aberdeen currently employ around 9,000 people. The job cuts are likely take place over a three-year integration period rather than all coming at once.

A prospectus on the tie-up released by Standard Life read: “At this time it is estimated that the integration and restructuring will result in a phased reduction of approximately 800 roles.”

The fund managers pointed out that some of these job losses would come from the natural turnover employees, while they would take other steps to “minimise the number of compulsory redundancies”.

Standard Life Aberdeen

The prospectus also revealed to investors that the combined group would be renamed Standard Life Aberdeen. The new group will be headquartered in Scotland and it will continue to have offices around the world.

Both companies have also agreed on a 16-strong board made up of an equal number of Standard Life and Aberdeen directors.

Standard Life chief executive Keith Skeoch and Aberdeen boss Martin Gilbert will become co-chief executives of the new firm.

READ: Merger is a bold gamble, says City broker

The deal, which will see Aberdeen shareholders own 33.3% of the combined group and Standard Life shareholders owning the remainder, was agreed back in March.

At next month’s general meeting shareholders will be asked to approve the merger, which would create the Britain’s biggest asset manager overseeing around £660bn of assets.

If it gets backing from shareholders, the deal is expected to go through by mid-August.

Shares in Standard Life and Aberdeen edged higher on Wednesday morning to 381.6p and 296.5p respectively.

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Wed, 10 May 2017 11:42:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/177588/aberdeen-asset-management-and-standard-life-to-cut-800-jobs-as-part-of-11bn-merger-177588.html
<![CDATA[News - Merging fund giants Standard Life, Aberdeen Asset clarify responsibilities co-chief executives will have after criticism ]]> https://www.proactiveinvestors.co.uk/companies/news/175075/merging-fund-giants-standard-life-aberdeen-asset-clarify-responsibilities-co-chief-executives-will-have-after-criticism-175075.html The chief executive of Standard Life PLC (LON:SL. Keith Skeoch will manage the day-to-day running of the firm's business following its proposed merger with Aberdeen Asset Management PLC (LON:ADN), while Aberdeen boss Martin Gilbert will handle external matters.

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.

Analysts had expressed concerns that the co-chief executive structure proposed by the firms would be unwieldy.

The two firms said in a statement today that Skeoch will have responsibility for a number of divisions including investments and pensions, while Gilbert's responsibilities will include marketing and distribution.

The pair will have joint accountability for Communications and the post-merger Integration Programme.

Effective co-ordination …

The statement added that a chairman's committee will be set up to ensure co-ordination is effective, headed by current Standard Life chairman Gerry Grimstone.

He said: “Both boards have thought carefully about the key responsibilities and believe that the proposals play well to Keith's and Martin's respective leadership strengths.

“This blend of complementary skills and experience will serve the company well".

Standard Life revealed on March 6 that it will pay Aberdeen for £3.8bn to create the UK's largest fund manager with assets under management of more than £660bn.

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Mon, 20 Mar 2017 13:42:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/175075/merging-fund-giants-standard-life-aberdeen-asset-clarify-responsibilities-co-chief-executives-will-have-after-criticism-175075.html
<![CDATA[News - Standard Life's merger with Aberdeen Asset Management a bold gamble, says Berenberg ]]> https://www.proactiveinvestors.co.uk/companies/news/174684/standard-life-s-merger-with-aberdeen-asset-management-a-bold-gamble-says-berenberg-174684.html Standard Life plc’s (LON:SL.) shares have dropped today after Berenberg downgraded the stock to ‘hold’ from ‘buy’ and cut the target price to 380p from 400p following the announcement of the fund manager’s £11bn all-share merger with Aberdeen Asset Management plc (LON:ADN).

Standard Life last week said it will buy Aberdeen for £3.8bn to create the UK's largest fund manager with assets under management of more than £660bn.   

Aberdeen shareholders will have a 33.3% stake in the merged group while Standard Life's shareholders will own 66.7%.

The merged company is reportedly set to cut 1,000 jobs and make overall savings of about £200mln for Aberdeen, which recorded its 15th consecutive quarterly outflow of assets of £10.5bn in the three months to 31 December. 

Berenberg said it believes the merger offers “little upside, but substantial risk”.

“We believe that the benefits, if any, rely more on a major change in fortune for Aberdeen’s funds than they do on any cost savings, and the level of disruption that could be caused to Standard Life’s business is high,” the broker said.

“The risk/reward profile for Standard Life shareholders has become skewed to the downside, in our view.”

Given that Aberdeen has been struggling for an extended period, Berenberg said it find the terms of the deal “intuitively unattractive”.  The broker noted Aberdeen's worrying net outflows over the past three years, averaging more than 10% of opening assets each year at a total of £87bn.

“We find little to like about the merger: we think Standard Life is giving away too much value to Aberdeen shareholders, and in return taking on a lot of risk,” Berenberg added.

“On our base case there is very modest earnings accretion for Standard Life shareholders by 2019, but not enough to justify this proposed transaction.”

Shares fell 1.39% to 374.70p in early trading. 

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Mon, 13 Mar 2017 09:39:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/174684/standard-life-s-merger-with-aberdeen-asset-management-a-bold-gamble-says-berenberg-174684.html
<![CDATA[News - Standard Life and Aberdeen Asset Management agree merger ]]> https://www.proactiveinvestors.co.uk/companies/news/174268/standard-life-and-aberdeen-asset-management-agree-merger-174268.html Fund managers Standard Life plc (LON:SL.) and Aberdeen Asset Management plc (LON:ADN) have today agreed the terms of its £11bn all-share merger. 

Standard Life said in a statement it will buy Aberdeen for £3.8bn to create the UK's largest fund manager with assets under management of more than £660bn. 

The proposed deal values each Aberdeen share at 286.5p, a 0.10 pence premium to its closing price of 286.40p on Friday. Aberdeen shareholders will have a 33.3% stake in the merged group while Standard Life's shareholders will own 66.7%.

The deal is subject to approval from shareholders. If approved the combined company will be based in Scotland with Standard Life chairman Gerry Grimstone as chairman and Aberdeen chairman Simon Troughton as deputy chairman.

Standard Life said the combined group will be branded to incorporate both the companies' names in due course.

Under thet terms of the merger, Standard Life shareholders will receive the proposed dividend of 13.35p per share for the six months to 31 December 2016 while Aberdeen shareholders will be paid a dividend of 7.5p each for the half year to 31 March 2017.

Ryan Hughes, head of fund selection at AJ Bell said: “The proposed merger between Standard Life and Aberdeen makes strategic sense for both parties. Aberdeen has been overly reliant on Asian and emerging markets for a long time and this has created significant volatility in its business performance, while Standard Life will see those Asian and emerging market assets as very complimentary to its fixed interest and UK asset base.”

However, Hughes thinks investors can expect a period of uncertainty throughout a long duration of fund range consolidation as the combined company looks to cut costs. Until more news becomes available, investors would be wise to stay patient, the analyst said.

“This merger is a continuation of consolidation in the asset manager industry and I would expect to see more as the market appears to move towards huge combined groups or small specialist boutiques.”

ETX Capital senior market analyst, Neil Wilson, said the deal makes "perfect sense" as a defensive play. Last week Aberdeen recorded its 15th consecutive quarterly outflow of assets, totalling £10.5bn in the three months to 31 December. Assets under management at the end of the first quarter were £302.7bn, down 3% from £312.1bn at the end of September.

Aberdeen's shares have lost 44% of its value since its high point in April 2015.

Standard Life's shares have fallen by 24% since its peak in May 2015. In February the group reported net outflows of £2.6bn in 2016, though assets under management rose 16% to £357.1bn.

The merged company is reportedly set to cut 1,000 jobs and make overall savings of about £200mln for Aberdeen.

Wilson believes cost savings should be easy to deliver as back office systems can be merged and job losses seem certain. 

"The explosive growth in passive investing trends has heaped pressure on active managers like Aberdeen and Standard Life and consolidation had to be on the cards."

Shares in Standard Life jumped 5.81% while Aberdeen advanced 4.57% in morning trading.

-- Adds details of deal agreed, number of job cuts expected and analyst comments, updates share price --

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Mon, 06 Mar 2017 07:15:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/174268/standard-life-and-aberdeen-asset-management-agree-merger-174268.html
<![CDATA[News - Standard Life battles industry head-wins to post modest increase in AUM ]]> https://www.proactiveinvestors.co.uk/companies/news/173679/standard-life-battles-industry-head-wins-to-post-modest-increase-in-aum-173679.html Pensions giant Standard Life PLC (LON:SL) saw a modest increase in assets under administration (AUM) in 2016, despite a new outflow of funds.

AUM at the end of 2016 stood at a mind-boggling £357.1bn, up 16% from the year before, despite net outflows of £2.6bn.

Fee-based revenue rose 5% to £1.65bn from £1.58bn the year before.

Operating profit before tax climbed 9% to £723mln from £665mln in 2015.

The board has proposed a final dividend of 13.35p per share making a total of 19.82p for the year, up 8% from 2015's 18.36p. The market had been expecting the divi to be raised to 19.74p.

"Despite industry head-winds, we are benefiting from our strengthening global brand and strong long-term relationships with a well diversified range of clients and customers. The acquisition of Elevate has strengthened our leading position in the advised platform market while the increase in the stake in HDFC Life and the proposed combination with Max Life will increase our exposure to the attractive and fast growing Indian market,” said Keith Skeoch, chief executive of Standard Life.

Broker Shore Capital said there was a mix of good and bad in the results.

“The good: the 1% drop in the cost/income ratio to 62% is impressive; the 8% growth in the dividend (SCS: +7%) should be well received, supported by the 9% increase in the underlying cash generation; the delivery of a 45% EBITDA margin within SLI a year early; the strength of the balance sheet with the Solvency II coverage ratio improving to 176% from 162% at the end of 2015 and the 16% growth in AUM to £357bn,” Shore said.

“The not so good: the UK result was disappointing with profits down c3% against our forecast of c4% growth; net outflows of £2.6bn were rescued by positive market moves of £52.3bn delivering a c£50bn increase in AUM; a below the line hit of £175m due to the annuity review, albeit £100m may be recovered from insurance; the lower demand for GARS and the lower revenue yields reported within institutional (43bps [basis points] vs 48bps), wholesale (68bps vs 69bps), retail (46bps vs 47bps) with wholesale up (54bps vs 53bps),” Shore's Eamonn Flanagan added.

Shares in Standard Life nudged up 0.2% to 357.7p on the results.

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Fri, 24 Feb 2017 08:31:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/173679/standard-life-battles-industry-head-wins-to-post-modest-increase-in-aum-173679.html
<![CDATA[News - Fund managers ready to act over excessive executive pay ]]> https://www.proactiveinvestors.co.uk/companies/news/172708/fund-managers-ready-to-act-over-excessive-executive-pay-172708.html David Cumming, head of equities at Standard Life PLC (LON:SL. , has called out big companies over high executive pay.

Echoing comments made by prime minister Theresa May following a government green paper on excessive remuneration for executives, Cumming told the BBC that investors must do more to voice their unhappiness over executive pigs with their snouts in the trough.

Speaking on the BBC's Today programme, Cumming said: "We continue to see too many proposals that would bring a substantial increase [in pay], and we have to signal that we are not happy with that."

The BBC believes that 13 of the City's top fund managers, including representatives from Aberdeen Asset Management and M&G Investments, met last month to talk about the issue.

Larry Fink, the chief executive officer of the world's largest fund manager, BlackRock, is also on board with the idea, having said in an annual letter to the chief executives of European companies that it would use its vote at annual general meetings to make known its displeasure at those pay awards it deems are excessive.

Cumming confirmed that the top fund managers are generally of the view that too many chairman are in thrall to their chief executive.

He also indicated that chairmen and executive remuneration committees would be wise to get their houses in order before the government does it for them.

The consultation period for the corporate governance reform bill closes on 17 February.

"If we don't succeed, then we might have much more draconian action from the government, which would be much less flexible and worse overall for shareholders," he said.

Standard Life has a particular bugbear with Sports Direct International PLC (LON:SPD).

In its annual stewardship report released earlier this month, Standard Life said it would continue to call for change on issues including the influence of Sports Direct founder, executive chairman and majority shareholder Mike Ashley. 

The investment firm admitted that its calls had been largely ignored, and seeing as Ashley owns 55% of Sports Direct, there is every chance he will go on ignoring them.  

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Mon, 06 Feb 2017 12:31:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/172708/fund-managers-ready-to-act-over-excessive-executive-pay-172708.html
<![CDATA[News - Standard Life tops the FTSE 100 fallers as Deutsche Bank cuts rating to 'hold' ]]> https://www.proactiveinvestors.co.uk/companies/news/170395/standard-life-tops-the-ftse-100-fallers-as-deutsche-bank-cuts-rating-to-hold--170395.html Life assurer and fund manager Standard Life PLC (LON:SL.) topped the FTSE 100 fallers list in early trading today weighed by a downgrade in rating from analysts at Deutsche Bank.

In a review of the European Insurers, the broker cut its stance on Standard Life to ‘hold’ from ‘buy’ and reduced its target price on the stock to 370p from 390p.

It highlighted concerns over fund outflows and margin pressures at the group.

In reaction, the shares dropped over 3%, or 12.3p to 348.2p in early morning trade.

Back in August, Standard Life had reported 'good progress' for the first half of the year in the face of volatile market conditions, with its assets under management growing 7%, to £328bln, up from £307.4bln at the end of December.

Has sector rally run its course?

In a note to clients, Deutsche Bank analysts said: “European insurers face a more positive outlook than for the last two years - with stronger balance sheets than 12 months ago and US reflation prospects both lifting bond yields and potentially extending the credit cycle.

“However, this doesn't necessarily imply that the sector can keep outperforming. On the analysis we've done, we think the recent share price rally has now outpaced the rise in bond yields.”

Aside from Standard Life, Deutsche Bank also reduced its rating for French insurer AXA to ‘hold’ from ‘buy’ as well, and reshuffled price targets across the sector.

It trimmed them for UK firm’s Prudential PLC (LON:PRU) and RSA Insurance Group PLC (LON:RSA), but raised them for Aviva PLC (LON:AV.) and Legal & General Group PLC ((LON:LGEN).

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Tue, 13 Dec 2016 08:52:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/170395/standard-life-tops-the-ftse-100-fallers-as-deutsche-bank-cuts-rating-to-hold--170395.html
<![CDATA[News - Standard Life ups payout despite stock market turbulence ]]> https://www.proactiveinvestors.co.uk/companies/news/122736/standard-life-ups-payout-despite-stock-market-turbulence-122736.html Standard Life (LON:SL.) shrugged off the recent stock market turbulence to raise its dividend as profits and inflows both rose in 2015.

Keith Skeoch, chief executive, said he expected difficult conditions in global financial markets to persist for some time but its strong position allowed it to raise the dividend by almost 8%.

Total assets under management rose by 4% to £307bn with net inflows of £6.3bn, while a 10% rise in fees to £1.58bn helped underlying profits rise by 9% to £665mln.

Skeoch said strong inflows into its works and pensions division helped by the move to auto-enrolment of company schemes.  New retail business rose 14% to £5.8bn with 250,000 new customers.

Institutional or wholesale new business more than doubled to £12.6bn with over two-thirds of this coming from outside of the UK.

"Global financial markets have started 2016 in poor shape but, because of our investment expertise and the innovative solutions that we provide, this gives us opportunities to serve our clients as well," chairman Sir Gerry Grimstone added.

Shares rose 1.5% to 343p.

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Fri, 19 Feb 2016 09:11:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/122736/standard-life-ups-payout-despite-stock-market-turbulence-122736.html
<![CDATA[News - Standard Life to feel pain from pensions shake-up ]]> https://www.proactiveinvestors.co.uk/companies/news/109634/standard-life-to-feel-pain-from-pensions-shake-up-109634.html Interims from Standard Life (LON:SL.) provided a rather mixed picture of progress in the year to date.

The positives first: cost savings from its acquisition of fund manger Ignis, bought for £390mln last year, are on track to hit the planned £50mln, while the integration is going well.

However the Scots insurer said impact of sweeping changes to the long term savings industry announced in the 2014 Budget are set to have impact on the finances going forward.

Specifically, the full year contribution from annuity new business is expected to reduce by £10-£15mln in the current year, while asset liability income is expected to fall by £30-£40mln.

The headline numbers revealed steady if unspectacular progress. Operating profit grew 6% to £290mln, while the dividend nudged up 7.5% to 6.02p.

Departing chief executive David Nish told investors: “The investments we have made in our UK business in recent years leave us well positioned to benefit from evolving customer needs and regulatory changes.”

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Tue, 04 Aug 2015 08:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/109634/standard-life-to-feel-pain-from-pensions-shake-up-109634.html
<![CDATA[News - Standard Life impresses as fee-based products offset annuities slump ]]> https://www.proactiveinvestors.co.uk/companies/news/66393/standard-life-impresses-as-fee-based-products-offset-annuities-slump--77489.html Full-year figures from Standard Life (LON:SL.) topped estimates as higher fee-based revenues helped the insurance and investment group offset a weakening annuity business.

The FTSE 100 company said its operating profit after tax was £517mln, up from £422mln the year before and above the £501mln consensus. 

Fee-based revenue jumped by 14% to £1.4bn, bolstered by its acquisition of Ignis Asset Management last year.

The deal helped to drive assets under administration up 38% to £296bn.

Meanwhile, the Edinburgh-based group proposed a final dividend of 11.4p, which will take the full-year pay-out to 17p, up 7.8%.

“Although investment markets are unsettled and may affect the near-term pace of asset and revenue growth, we are very well placed for the future,” said chief executive David Nish.

The UK insurer has been altering its focus since UK chancellor George Osborne overhauled retirement rules last year.

The government set out plans to scrap annuities, a product that once accounted for two-thirds of life insurers’ “new business” profits.

In response, Standard Life has moved into the financial advice market, buying the advisory arm of the Britain's Skipton building society.

Asset management is also a bigger focus, thanks to its £390m Ignis acquisition.

The business already reported a 67% drop in annuity sales in its last quarter.

Today, Nish said he expects the contribution from annuity new business to reduce by between £10mln-£15mln in 2015.

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Fri, 20 Feb 2015 07:59:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/66393/standard-life-impresses-as-fee-based-products-offset-annuities-slump--77489.html
<![CDATA[News - Scotland debate: Standard Life will head south if needs be ]]> https://www.proactiveinvestors.co.uk/companies/news/61613/scotland-debate-standard-life-will-head-south-if-needs-be-72094.html Pensions giant Standard Life (LON:SL.) is the latest big cap to voice concern over next week's Scotland vote, and now says it may move south of the border in the event of  a 'yes' vote.

Among other factors, the group says the move will be so that all transactions with customers outside Scotland will continue to be in sterling because of the uncertainty as to the currency an independent Scotland would use.

It is the latest announcement surrounding the referendum result, which is seeped in constitutional and financial uncertainty.

The group said: "As we stated in February, and repeated at our half year results in August, there continues to be uncertainty around a range of issues material to Scotland's future in the event of Scotland separating from the United Kingdom."

It said the transfer of its business could potentially include pensions, investments and other long-term savings held by UK customers.

"If there were to be a vote for independence we understand it would be at least 18 months before Scotland could become a separate country from the United Kingdom.

"During this period of continued constitutional uncertainty we will provide regular updates to our customers, our advisers, our shareholders, our people and other stakeholders in our business."

Shares in Standard Life are down 0.59% on the day.

It comes on a day when UK Prime minister has travelled to Scotland in a last ditch bid to win voters over, pleading with people "not to rip Britain's family apart".

Oil giant BP (LON:BP.), one of the North Sea's biggest investors, has also come out today to urge a vote against independence.

It says oil wealth would best be protected by keeping the union and argues for the "integrity" of the UK.

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Wed, 10 Sep 2014 15:48:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/61613/scotland-debate-standard-life-will-head-south-if-needs-be-72094.html
<![CDATA[News - Standard Life shares soar on Canadian sale windfall ]]> https://www.proactiveinvestors.co.uk/companies/news/61410/standard-life-shares-soar-on-canadian-sale-windfall-71889.html Standard Life (LON:SL.) handed shareholders a £1.75bn bonus after selling its Canadian business for £2.2bn to Manulife Financial.

The payment to shareholders will amount to about 73p a share and be carried out by means of a share consolidation that will enable shareholders to take the windfall as a capital gain or income.

The Scottish life and pensions group demutualised eight years ago and has been restructuring recently under new management.

Shares soared almost 10% in the first half-hour of trading as Standard Life added it also intends to maintain a progressive dividend policy going forward.

As part of the deal, Manulife will also distribute Standard Life Investments’ funds into Canada, the US and Asia.

Standard Life said this will more than treble the assets under management distributed by Manulife within three years, adding it made more sense for this market to be served by a local business.

The sale price represented a “highly attractive” earnings multiple of 19.5, Standard Life said, and is 1.9 times the book value of the assets being sold, it added.

Shares rose 31p to 417p.

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Thu, 04 Sep 2014 10:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/61410/standard-life-shares-soar-on-canadian-sale-windfall-71889.html
<![CDATA[News - Nomura says Standard Life no longer worth selling ]]> https://www.proactiveinvestors.co.uk/companies/news/55850/nomura-says-standard-life-no-longer-worth-selling-65981.html Investors should stop selling shares in insurer Standard Life (LON:SL.) as they are no longer too expensive, according to broker Nomura.

Nomura has upgraded Standard Life to ‘neutral’ from ‘sell’ and, in a note, said it has closed its valuation-based short.

“Standard Life [share price] underperformed the UK life sector by 17% in 2013, reversing all but 2% of the gains made in 2012,” Nomura analyst Benjamin Bathurst said.

“As a result, the stock no longer stands out as expensive in the context of the UK life sector.”

Nomura rates Standard Life as ‘neutral’ and gives it a target price of 375p, which is 10p lower than the current price of 385p.

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Thu, 20 Feb 2014 10:16:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/55850/nomura-says-standard-life-no-longer-worth-selling-65981.html
<![CDATA[News - Standard Life new business disappoints ]]> https://www.proactiveinvestors.co.uk/companies/news/52801/standard-life-new-business-disappoints-62710.html Standard Life (LON:SL.) took over the top slot on the FTSE 100 fallers list as the morning session progressed on Wednesday, down 3.5%, after the savings and pensions provider saw its third-quarter new business growth come in below forecasts.

The Edinburgh-based company said new business for its long-term saving products was £17.3bn during the nine months to September 30, up from £14.4bn a year earlier, while the amount of money it manages rose 9%, but both numbers were a percentage point short of analysts’ expectations.

Standard Life said a shake-up of Britain's private pensions system, particularly the introduction of automatic enrolment of UK employees to company schemes, should increase the flow of retirement savings coming under its management.

The group’s fund management arm saw net inflows of £8.3bln over the nine-month period, of which £1.2bn was attributed to the third quarter of the year.

Panmure Gordon analyst Barrie Cornes remained upbeat on the savings firm in a note reiterating his buy rating on the stock.

“In our view Standard Life represents an attractive defensive play within the sector, is starting to benefit from RDR (Retail Distribution Review) and auto enrolment and yet following recent share price weakness is trading at a very attractive dividend yield of 4.3%,” Cornes said.

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Wed, 30 Oct 2013 09:49:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/52801/standard-life-new-business-disappoints-62710.html
<![CDATA[News - Standard Life boosted by Credit Suisse upgrade ]]> https://www.proactiveinvestors.co.uk/companies/news/50632/standard-life-boosted-by-credit-suisse-upgrade--60250.html Standard Life (LON:SL.) received a boost from Credit Suisse, whose recommendation moves to ‘hold’ from ‘reduce’.

The price target has also been raised - to 362 pence a share from 325 pence - while the broker’s earnings estimates has been tweaked 7% and 13% higher for 2014 and 2015 respectively.

The changes follow better-than-expected interim results from the insurer.

“We believe the weak market reaction to the results is ignoring the exceptionally strong (and better than expected) performances of key profit and value centres,” Credit Suisse said in a note to clients.

The stock reacted positively, adding 2% to stand at 349.1 pence.

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Wed, 21 Aug 2013 10:54:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/50632/standard-life-boosted-by-credit-suisse-upgrade--60250.html
<![CDATA[News - Standard Life boosted by Canada as UK struggles ]]> https://www.proactiveinvestors.co.uk/companies/news/33697/standard-life-boosted-by-canada-as-uk-struggles-40162.html A good performance in Canada and overseas boosted profits at Standard Life (LON:SL.) despite volatile equity markets taking a toll on its UK business.

The life and pensions group lifted operating profits by 28 per cent to £544 million in 2011, though the UK saw a decline from £234 million to £220 million. 

Long-term savings new business sales up rose 7% to £19.7bn (2010: £18.5bn) though long-term savings net inflows dropped to £4 billion from £4.7 billion. Fee revenue rose 8 per cent to £1.58 billion.

The Edinburgh-based group said UK revenue rose by 5 per cent to £625 million but the second half of the year was “significantly affected” by lower equity market levels. 

This was offset by a £73 million reduction in the spread/risk margin and a £30m benefit from changes in investment strategy and reserve releases in 2010, Standard added.

The number of financial advisers signed up to its Wrap platform also passed 1,000 at the start of 2012, up from 820 a year earlier.

Standard’s Canadian business was again the star performer and increased operating profits by 70 per cent to £187 million.

The international business chipped in £40 million, more than double the previous year’s £15 million.

Chief executive David Nish said the results showed that the group is on track to transform the operational and financial performance of the life firm though he said this year so far had started slowly.

“The uncertain economic backdrop and its effect on consumer confidence have impacted new business volumes since the start of the year against a strong start to last year,” he said.

The dividend for the year rises by 6.2 per cent to 13.8p.

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Tue, 13 Mar 2012 09:26:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/33697/standard-life-boosted-by-canada-as-uk-struggles-40162.html
<![CDATA[News - Standard Life: J. P. Morgan moves from ‘neutral’ to ‘overweight’ ]]> https://www.proactiveinvestors.co.uk/companies/news/26774/standard-life-j-p-morgan-moves-from-neutral-to-overweight-31954.html

J. P. Morgan has upgraded shares in FTSE100 insurance group Standard Life (LON:SL.) to ‘overweight’ from ‘neutral’ after management “clarified issues surrounding the investment spend overhang at its recent results”.

The investment bank said the clarification means that investors can now focus on the market opportunity that the group faces, such as the Financial Services Authority’s Retail Distribution Review (part of its consumer protection strategy) and the insurer’s own auto-enrolment proposal to boost savings among employees by automatically enrol into an ISA or pension.

J. P. Morgan said that the clarification was relevant because Standard Life “looks like an asset manager” (75 per cent of its revenues are fee-based) but has an insurance-type return on equity.

The bank said that it had concluded Standard Life’s balance sheet is strong. “In fact, we think it is the strongest in the UK life space,” it added.

J. P. Morgan said it had updated its sum-of-the-parts-based price target. It now stands are 269 pence per share, which is equivalent to 82 per cent of H1 2011-reported enterprise value. Within this, the bank has valued UK at 70 per cent of EV, Canada at 62 per cent and International at 100 per cent. “If we are correct in our valuation of the non-UK businesses, then the UK life business is implied in the current share price at 0.2 times enterprise value,” it said.

At 3:20pm today, Standard Life’s share price was up 1.8 per cent at 205.6 pence.

 

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Mon, 15 Aug 2011 15:23:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/26774/standard-life-j-p-morgan-moves-from-neutral-to-overweight-31954.html
<![CDATA[News - Today's bid and gossip news ]]> https://www.proactiveinvestors.co.uk/companies/news/20329/todays-bid-and-gossip-news--24255.html

 * Standard Life's talks with Bank of China over a joint venture insurance business have broken down

 * The Irish government wins court approval to inject £3.1 billion into Allied Irish Banks

 * Thomson Reuters' tax unit plans expansion into Asia and Europe

 * Lenders back Crest Nicholson debt-swap proposal

 * ACS close to success in bid for Hochtief

 * Indian Energy in takeover talks

 * Rivals circle as Rio Tinto stokes up £2.5 billion offer for Riverside

 * BSkyB sells Wisden magazine to Aggers & Co

 * JJB Sports in £30 million cash call as chairman leaves

 * Caradon raises $17.4 million in share placing

 * Constellation Brands to sell bulk of international wine operations

 * Tanfield sells Smith Electric Vehicles to US associate

 * Finsbury Foods and Genius Foods set up joint venture

 * Anglo Asian Mining repays $5.4 million of International Bank of Azerbaijan loan

 * Fortune Oil restructures natural gas business

 * WPP unit to by stake in Turkish PR firm

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Fri, 24 Dec 2010 09:02:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/20329/todays-bid-and-gossip-news--24255.html
<![CDATA[News - Standard Life to compensate customers who lost money in pension fund devaluation ]]> https://www.proactiveinvestors.co.uk/companies/news/3018/standard-life-to-compensate-customers-who-lost-money-in-pension-fund-devaluation-4368.html  Standard Life PLC announced a compensation payment to 97,000 customers who lost money when the value of the insurer’s Pension Sterling Fund was cut by nearly 5 percent in mid-January 2009.

In a statement, the group said it will make an immediate cash injection into the fund with payments  provided to those customers who have left Standard Life since the valuation adjustment was announced. The move will result in an additional pretax charge of approximately £100 million in the 2008 financial year.

The fund was valued at £2.1 billion when Standard Life announced the unit price cut.

“We have ... decided to put customers back in the position they would have been before the valuation adjustment on 14 January 2009. This decision reflects ... our view that some customers would not have expected the value of their units to fall by this extent in one day, based on the information we provided on the nature of the fund,” the company said.  

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Wed, 11 Feb 2009 10:55:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/3018/standard-life-to-compensate-customers-who-lost-money-in-pension-fund-devaluation-4368.html
<![CDATA[RNS press release - Standard Life plc - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081031T16082669778186379271/ Fri, 31 Oct 2008 16:08:26 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081031T16082669778186379271/ <![CDATA[RNS press release - Standard Life plc - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081031T16042369778186377864/ Fri, 31 Oct 2008 16:04:23 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081031T16042369778186377864/ <![CDATA[RNS press release - Standard Life plc - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081030T16393169262791111729/ Thu, 30 Oct 2008 16:39:31 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081030T16393169262791111729/ <![CDATA[RNS press release - Standard Life plc - Interim Management Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081030T07013369262790908633/ Thu, 30 Oct 2008 07:01:33 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081030T07013369262790908633/ <![CDATA[RNS press release - Standard Life plc - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081029T16460869262790854910/ Wed, 29 Oct 2008 16:46:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081029T16460869262790854910/ <![CDATA[RNS press release - Standard Life plc - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081029T16405869262790853304/ Wed, 29 Oct 2008 16:40:58 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081029T16405869262790853304/ <![CDATA[RNS press release - Standard Life plc - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081020T16425368240589248742/ Mon, 20 Oct 2008 16:42:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081020T16425368240589248742/ <![CDATA[RNS press release - Standard Life plc - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081020T16400968240589247398/ Mon, 20 Oct 2008 16:40:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081020T16400968240589247398/ <![CDATA[RNS press release - Standard Life plc - Director Declaration ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081017T17595668240589003303/ Fri, 17 Oct 2008 17:59:56 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081017T17595668240589003303/ <![CDATA[RNS press release - Standard Life plc - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081017T16420268240588986001/ Fri, 17 Oct 2008 16:42:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081017T16420268240588986001/ <![CDATA[RNS press release - Standard Life plc - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081017T16405868240588985315/ Fri, 17 Oct 2008 16:40:58 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081017T16405868240588985315/ <![CDATA[RNS press release - Standard Life plc - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081013T16450268240588088115/ Mon, 13 Oct 2008 16:45:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081013T16450268240588088115/ <![CDATA[RNS press release - Standard Life plc - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081013T16364468240588084719/ Mon, 13 Oct 2008 16:36:44 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081013T16364468240588084719/ <![CDATA[RNS press release - Standard Life plc - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081010T16540267476086400314/ Fri, 10 Oct 2008 16:54:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081010T16540267476086400314/ <![CDATA[RNS press release - Standard Life plc - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081010T16411167476086399532/ Fri, 10 Oct 2008 16:41:11 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081010T16411167476086399532/ <![CDATA[RNS press release - Standard Life plc - Offer Declared Wholly Unconditional ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081010T07005367476086220085/ Fri, 10 Oct 2008 07:00:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081010T07005367476086220085/ <![CDATA[RNS press release - Standard Life plc - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081007T16480767476085693971/ Tue, 07 Oct 2008 16:48:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081007T16480767476085693971/ <![CDATA[RNS press release - Standard Life plc - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081007T16363867476085688872/ Tue, 07 Oct 2008 16:36:38 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081007T16363867476085688872/ <![CDATA[RNS press release - Standard Life plc - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081001T16365367476084690260/ Wed, 01 Oct 2008 16:36:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20081001T16365367476084690260/ <![CDATA[RNS press release - Standard Life plc - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20080930T17150867476084453677/ Tue, 30 Sep 2008 17:15:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20080930T17150867476084453677/ <![CDATA[RNS press release - Standard Life plc - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20080930T16391967476084449801/ Tue, 30 Sep 2008 16:39:19 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20080930T16391967476084449801/ <![CDATA[RNS press release - BlackRock Group - Short Selling Disclosure ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20080925T15234267010083160930/ Thu, 25 Sep 2008 15:23:42 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20080925T15234267010083160930/ <![CDATA[RNS press release - BlackRock Group - Short Selling Disclosure ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20080924T15341067010082934793/ Wed, 24 Sep 2008 15:34:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20080924T15341067010082934793/ <![CDATA[RNS press release - Standard Life plc - Offer Document Posted ]]> https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20080919T16305667010082224648/ Fri, 19 Sep 2008 16:30:56 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3424/LSE_0000_20080919T16305667010082224648/ <![CDATA[News - Standard Life to acquire Vebnet Holdings for £24 million ]]> https://www.proactiveinvestors.co.uk/companies/news/1357/standard-life-to-acquire-vebnet-holdings-for-24-million-2976.html
Shares in Vebnet soared more than 100% on the news.

The announcement coincided with Vebnet’s preliminary results for the year ended June 2008 which showed an 85% increase in profit before tax to £0.91 million and Earnings per Share up 86% to 9.7 pence on total revenues of £6 million, up 14% on the previous year.

Vebnet specialises in employee reward and benefit solutions, an area Standard Life has said it is keen to expand into.




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Tue, 16 Sep 2008 11:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/1357/standard-life-to-acquire-vebnet-holdings-for-24-million-2976.html