£11bn merger of Standard Life and Aberdeen Asset Management is finalised
The new company, called Standard Life Aberdeen, is Europe's second biggest fund manager.
Last updated 14th Aug 2017
One of the biggest deals Edinburgh's financial sector has ever seen is now completed.
Standard Life and Aberdeen Asset Management are merging in a tie-up worth £11 billion.
A Stock Exchange announcement this morning (Mon) confirms the deal has been done and follows court approval last week.
The new company is called Standard Life Aberdeen and is Europe's second-biggest fund manager, holding £670 billion under management.
Co-chief executive Keith Skeoch described the merger as the "beginning of a new chapter" in the companies' history.
He said: "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.
"Our leadership team is in place and we have full business readiness from day one."
The enlarged company will be jointly headed up by Mr Skeoch and Aberdeen boss Martin Gilbert.
The merger, which was agreed in March, is targeting cost savings of £200 million a year, with around 800 jobs expected to be lost over a three-year period from a global workforce of 9,000