The completion of the merger comes after the Financial Conduct Authority consented to the proposed change in control of the company, which is a subsidiary of Phoenix Group Holdings.
The acquisition was first announced in March this year and brings together Ignis’ £65.9bn of assets and SLI’s £184.1bn, to put the group’s total combined assets at £250bn.
In addition, Phoenix has agreed a long-term strategic asset management alliance with SLI, including a mechanism to share value resulting from any further Phoenix assets managed by SLI.
Chief executive at SLI, Keith Skeoch, said: “The acquisition of Ignis is another step in Standard Life Investments’ growth story. Reinforcing out strong foundations, broadening our third party client base and increasing the range of investment solutions we offer.”
When the merger was announced, Standard Life group head of corporate communications, Barry Cameron, said, as a growing business, SLI has already created 400 new jobs in the last few years and was expecting to create roughly 200 more in the near future.
“There are many talented people who work at Ignis and throughout the transition process we will be looking to keep them within the business if we can and will aim to minimise the impact in terms of headcount,” he added.
