Analysts have expressed concern that the co-chief executive structure proposed by the firms when they announced the 11 billion-pound ($13.6 billion) merger deal two weeks ago will be unwieldy.
The firms said they expect to make further announcements regarding the composition of the proposed executive management teams of the combined group and senior executive responsibilities in due course. This includes running the pension and saving business in the United Kingdom, as well as the asset management business. It will be chaired by Gerry Grimstone, who now holds the chairman's role at Standard Life, and also include Deputy Chairman Simon Troughton, Skeoch and Gilbert. It will also involve looking at the regulatory culture of the merged company.More news: Lookout for Price Target? Amkor Technology, Inc. (AMKR), Wintrust Financial Corporation (WTFC)
The statement issued by both companies explains that a committee of the two chief executives, along with the chairman and deputy chairman, will handle questions arising out of joint leadership.
The co-CEO structure, announced when the Scottish fund managers confirmed plans for an £11bn merger in early March, has been criticised by analysts and investors, with Royal Bank of Canada analyst Peter Lenardos suggesting this week's disclosure of their roles is "an attempt to assuage market concerns". They will also share communications and the integration programme after the merger takes place.More news: Arsene Wenger reportedly set to stay at Arsenal
- Aberdeen Asset Management and Standard Life have offered more details on how current bosses Keith Skeoch and Martin Gilbert would work together as co-chief executives after a planned all-share merger between the two United Kingdom asset managers.
Meanwhile Mr Gilbert will be put in charge of worldwide activities, client engagement and business development, marketing and corporate development, the company's said.More news: Disney ordered to pay workers $3.8 million in back wages
The combined company will also establish a chairman's committee after the deal is completed to ensure the company is co-ordinated. Both boards have thought carefully about the key responsibilities and believe the proposals play well to Keith's and Martin's respective leadership strengths. This blend of complementary skills and experience will serve the company well.
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