Standard Life plc and Aberdeen Asset Management merged in 2017 to form Standard Life Aberdeen plc. More recently, Standard Life Aberdeen has sold the "Standard Life" brand to Phoenix.
The next stage and part of the company’s self proclaimed modern, agile and digitally enabled brand, Standard Life Aberdeen plc has confirmed this week they are changing their name to Abrdn plc, pronounced “Aberdeen”. The name will be used for all the company’s global client-facing business.
Stephen Bird Abrdn chief executive said: “The brand Abrdn is built on heritage and is modern, dynamic and engages all our client and customer channels. The brand will create unity across the business and replaces 5 different brand names that originally had been operating independently. The new name will reflect clarity and focus that the leadership team will bring to the business and we seek to deliver sustainable growth”.
From this summer the branding process will begin alongside the implementation of a full stakeholder engagement plan to manage the transition.
The company will focus on the following main areas: asset management, technology platforms for advisers and UK savings and personal wealth as part of their new brand identity and part of the next stage in reshaping the business.
An announcement is expected to be made before the groups half-year results in August when the name change will take effect.
What do you thing about the brand "Abrdn"? It has been met with much scorn in the financial services press but we suggest with enough marketing spend, it will become a household name in the same way that AVIVA did when taking over Norwich Uniion, Commercial Union, General Accident et al.
That said, we do think this is a strange move to sell off the Standard Life brand. Phoenix will no doubt benefit from its acquisition but we are not so sure the Abrdn brand will be as easy to market although let's see how it goes.