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Money management

Aberdeen, Standard Life shareholders approve merger

Shareholders voted in favor of the proposed all-share merger between Standard Life and Aberdeen Asset Management, bringing the deal to create Standard Life Aberdeen PLC a step closer.

Both firms put resolutions regarding the proposed deal to a shareholder vote Monday, announcing the outcomes separately.

Shareholders at Standard Life's general meeting, held in Edinburgh, voted 98.6% in favor of the merger. Aberdeen shareholders, voting at a court meeting and general meeting, voted 95.8% in favor.

The firms announced plans to merge in March, creating a money manager with around 670 billion ($853.4 billion) in assets. The investment management unit will be named Aberdeen Standard Life Investments. The retirement and savings business will be called Standard Life. The completion date of the deal is Aug. 14.

"Our merger with Aberdeen will be one of the most significant events in our near-200 year history, creating a well-diversified world-class investment company," said Gerry Grimstone, Standard Life chairman, in a regulatory filing by the firm.

Mr. Grimstone added that some approvals still need to be granted before the merger can be completed, "and I know the teams in both companies are working through these diligently." However, the deal is still on track for the completion date, he said. A spokesman for Standard Life said Competition and Markets Authority and the Financial Conduct Authority approvals, among others, are still needed.

Simon Troughton, chairman of Aberdeen Asset Management, said in a separate regulatory filing: "The two businesses' investment capabilities and distribution channels are highly complementary and by combining them we are well positioned to compete in an evolving global market environment. The strengths of the combined businesses in multiasset and solutions, alternatives and active specialties, such as emerging markets, are strongly aligned to the needs of clients now and in the future. The new company will have a robust balance sheet and diverse revenue streams, by asset class and distribution channel. This will facilitate investment in the business to support long-term growth and shareholder returns."