On top of purchasing 1.5m shares at an average of 320p last week, Standard Life Aberdeen have purchased another 1,400,267 shares at an average of 300p as part of their share buyback programme, in order to return funds to shareholders in the company.
The buyback is part of a £1.75bn plan to return money to shareholders; the plan will run no later than 21 November after starting in August, prior to Phoenix completing the purchase of Standard Life’s insurance business and the company have stated that lower capital requirements form not holding onto legacy life books would enable the funds to be returned.
Since the merger of Standard Life and Aberdeen Asset Management, the combined firm has suffered blows, namely the cancellation of a mandate run for Scottish Widows by Aberdeen, because it believed the addition of Standard Life would turn the new firm into a competitor.
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Gunner & Co. work with IFAs looking to sell their business, and can give you more information if you wish – contact louise.jeffreys@gunnerandco.com
