Standard Life Investments avoids job cull
UK – Standard Life says it will cut 1,000 jobs – although none will go at its asset management unit Standard Life Investments.
The mutually owned group said it would cut the jobs by the end of the year and de-mutualise to ease capital constraints, following a strategic review. It would also close its defined benefit pension scheme to new entrants from November 16 this year.
“There is no restructuring or policy of voluntary or compulsory redundancies at Standard Life Investments as a result of the review,” said a spokesman at the unit.
“Standard Life Investments will remain an integral part of the Standard Life group as the company moves forwards with a clear vision of the challenges and opportunities that lie ahead.”
The company said in a statement that its UK life and pensions business would be “repositioned to achieve profitable growth”.
Group chief executive Sandy Crombie – who used to head Standard Life Investments – said: “The strategic review has confirmed that the group has a well diversified portfolio of businesses, which have good potential for growth.”
The firm said Standard Life Investments, Standard Life Bank and Standard Life Healthcare were all “profitable and capital self sufficient”.
“They are growing well in challenging markets and have demonstrated robust plans for future growth. All will now accelerate respective business plans, to continue to deliver profits for the group.”
The spokesman said that the search for a permanent replacement for Crombie at Standard Life Investments is “ongoing”.