Phoenix joins Scottish Financial Enterprise after Standard Life Aberdeen deal

Europe’s largest consolidator of heritage life funds, Phoenix Group, has joined Scottish Financial Enterprise following the acquisition of Standard Life Assurance Limited (SLAL) from Standard Life Aberdeen plc last month.

The acquisition means Phoenix now has over 10 million policyholders and £240 billion of assets, with operations in the United Kingdom, Ireland and Germany.

Some 3,500 employees have transferred to Phoenix as part of the transaction, including 2,900 employees based in Edinburgh and a further 30 in Glasgow. Phoenix has established a new operational headquarters in Scotland and is now one of Scotland’s largest employers

Susan McInnes has been appointed chief executive of SLAL and group director, open business for Phoenix, and Jim McConville as group director, Scotland, in addition to his role as Phoenix group finance director.

John McGuigan, who has been appointed group head of customer, will retain his position on the SFE Board as deputy chairman.

All three are based in Standard Life House in Edinburgh.

Phoenix Group can trace its history back to 1782, although the modern business was formed in 2008. The Group is a FTSE 250 Index company.

The deal also marks a significant expansion of the existing partnership between Phoenix and Standard Life Aberdeen, who are also members of SFE. Through an enhanced strategic partnership, Phoenix and Standard Life Aberdeen will continue to work together in the UK long term savings market and Standard Life Aberdeen’s global asset management company, Aberdeen Standard Investments, is the asset manager of choice for Phoenix.

In addition, Standard Life Aberdeen plc now owns a 19.98 pc strategic stake in the Phoenix Group.

Phoenix Group Director for Scotland Jim McConville, said: “We are excited about the opportunity that lies ahead for Phoenix, both in Scotland and elsewhere. I believe our transaction and ongoing partnership with Standard Life Aberdeen will be a positive long-term development for Scottish financial services. Susan and I look forward to engaging with colleagues in the financial community here in Scotland and to working together to help our sector continue to prosper.”

Graeme Jones, Scottish Financial Enterprise Chief Executive, said: “We’re absolutely thrilled to welcome Phoenix to Scottish Financial Enterprise as they look to connect with the industry and wider community in Scotland. Phoenix has made a serious commitment to Scotland by having its operational headquarters in Edinburgh and over half of its employees here, which is fantastic to see. SFE is looking forward to working closely with Phoenix and creating opportunities to collaborate with fellow SFE members to increasingly strengthen our financial services sector.”