The new entity will be one of ASI’s key European Union business hubs, the firm said.
It will be responsible for the contracting of investment management services in Europe and the firm’s network of branch offices across the continent.
The launch of the Dublin business is still subject to regulatory approval but has been described by Ireland’s minister for business, enterprise and innovation, Heather Humphreys, as “a great win for Ireland”.
Standard Life
The announcement comes swiftly on the heels of the surprise news that Standard Life Aberdeen (SLA) has sold its life insurance arm to consolidator Phoenix Group. The sale includes operations in Ireland, Germany and the UK.
That deal means that SLA will have no insurance business at all. However, it will retain its UK retail platforms and advice business – as well as the “Life” part of its name.
Phoenix, which has been described as the real winner of the deal, will continue to provide and administer insurance products to SLA’s retail platforms, comprising largely Sipps and offshore bonds.
Luxembourg
ASI said the Dublin-based hub will complement its Luxembourg operation, which manages over 100 funds that are marketed across Europe and in many part of Asia and the Americas.
The firm currently manages over €70bn (£61.7bn, $86bn) in Europe ex-UK.
As of 30 September 2017, SLA manages and advises €638bn of assets worldwide.
Global strategy
Gary Marshall, head of Emea at ASI, described the Dublin business as “part of a global strategy of deepening our local footprint in the regions around the world in which we operate”.
“It builds on the long-established and successful business that Standard Life Investments already had in the city, serving the needs of pension funds and other clients across Ireland.”
He added that the Dublin and Luxembourg businesses will work together and, “with our German business based in Frankfurt, will ensure that we continue to meet the needs of our customers and clients across Europe, after the UK leaves the European Union”.
“It is a combination that will give clear and distinct focus to the needs and aspirations of our clients in the EU27 countries.”
People Moves
Victoria Brown has been appointed managing director of the Dublin entity, again subject to regulatory approval, and will work alongside Jennifer Richards, head of distribution – Ireland.
Brown joined Aberdeen Asset Management as a graduate trainee in 2000 and is currently head of regional management – Emea, having previously lead Aberdeen’s Luxembourg operation.
Richards joined Standard Life Investments (SLI) in 2004 to lead the Irish distribution team. She is a director of a number of SLI funds including Luxembourg Sicavs and Irish Liquidity Funds.
Prior to joining SLI, Richards worked as an investment consultant with Mercer in Dublin and as a client portfolio manager with AIB Investment Managers.
