Britain’s competition watchdog has launched an inquiry into the £11bn ($14Bn USD) merger between Standard Life and Aberdeen Asset Management.
It will look at whether the tie-up “may be expected to result in a substantial lessening of competition”.
The Competition and Markets Authority said it was seeking feedback and would decide by 18 July whether to launch a more in-depth investigation.
The merger between the two Scottish-based fund managers was agreed in March and if given the green light would create a global powerhouse overseeing £660bn ($857Bn USD) of assets.
It is targeting cost savings of £200m ($259.92M USD) a year, with around 800 jobs expected to be lost over a three-year period from the current global workforce of 9,000 staff.
Full Content: Financial Times
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