- Investment manager Standard Life Aberdeen said it would acquire investment platform businesses from insurance partner Phoenix for £62.5 million, while extending and simplifying their existing relationship.

The deal would see Standard Life Aberdeen buy Phoenix's wrap self-invested personal pension, wrap onshore bond and UK trustee investment plan businesses.

Standard Life Aberdeen also would sell the 'Standard Life' brand to Phoenix during the course of 2021.

To do so, it would pay Phoenix another £32 million in return for Phoenix bearing the cost of transferring staff.

In addition, the pair's strategic asset management partnership, under which Standard Life Aberdeen managed about £147.4 billion of Phoenix assets, would be extended until at least 2031.

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