CMA clears Standard Life-Aberdeen Asset Management merger

Britain's competition watchdog has given the green light to the £11bn merger of Standard Life and Aberdeen Asset Management.

The Competition and Markets Authority (CMA) said it had decided not to refer the tie-up to an in-depth investigation.

The decision paves the way for the deal's completion in August.

The merger will create Europe's second-biggest fund manager, with £670bn under management.

The enlarged company, to be called Standard Life Aberdeen, will be headed up by Keith Skeoch and Aberdeen boss Martin Gilbert.

On Monday, investors in both firms overwhelmingly backed the merger during general meetings.

The deal, announced in March, is targeting cost savings of £200m a year, with about 800 jobs expected to be lost over a three-year period from a global workforce of 9,000.

In a joint announcement on Thursday, the companies 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 transaction is currently expected to complete on 14 August 2017, subject to remaining regulatory approvals."