Slaughter and May is advising Standard Life Aberdeen plc in relation to its strategic partnership with Phoenix Group Holdings plc

Slaughter and May is advising Standard Life Aberdeen plc (Standard Life Aberdeen) in relation to the simplification and extension of its strategic partnership with Phoenix Group Holdings plc (Phoenix Group). The new arrangements include:

• an extension of the strategic asset management partnership until at least 2031;
• the acquisition by Standard Life Aberdeen of the Wrap SIPP, Wrap Onshore Bond and TIP businesses from Phoenix Group;
• a continuation of the partnership in relation to the design and provision of investment solutions for Phoenix Group customers;
• the acquisition by Phoenix Group of the “Standard Life” brand, with certain Standard Life Aberdeen colleagues who support the brand and related marketing also transferring to Phoenix Group;
• settlement of all outstanding differences between the two groups in relation to legacy matters; and
• the gradual termination of certain existing services and platform arrangements to simplify the strategic partnership.

Slaughter and May is supporting Standard Life Aberdeen’s internal legal team, which is led by Rushad Abadan (Group General Counsel) and includes Fiona McGowan (Co-Head of Legal SLA and Head of Legal UK) and Alison Rennie (Head of Platforms and Wealth, SLA Legal).