Standard Life and Aberdeen Asset Management have closed their merger following receipt of final approval from the Court of Session in Edinburgh.

The combined entity, which has been named as Standard Life Aberdeen, will be based in Scotland.

The entity will be headed by Aberdeen’s Martin Gilbert and Standard Life’s Keith Skeoch as co-CEOs. Standard Life’s Gerry Grimstone will serve as chairman, Aberdeen’s Simon Troughton as deputy chairman, and Standard Life’s Rod Paris will serve as CIO.

Aberdeen’s Bill Rattray will take up the role of CFO, replacing Luke Savage who will depart from the firm on 28 February 2018.

Standard Life’s Barry O’Dwyer will remain as CEO of pensions and savings. Aberdeen’s Andrew Laing will remain as joint head of integration and Aberdeen’s Hugh Young will remain as head of Asia.

“As we move forward, the Standard Life Aberdeen Board remains committed to maintaining its high values of stewardship and effective governance, while putting our clients’ and customers’ interests at the heart of what we do,” Grimstone said.

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The merger, announced in March 2017, will create UK’s largest active asset managers with £660bn in assets. The merger will result in 800 job cuts, which is expected to help the firms save £200m in costs annually.

“As ever our priority remains the delivery of strong investment performance and the highest level of client service. The merger deepens and broadens our investment capabilities and gives us a stronger and more diverse range of investment management skills as well as significant scale across asset classes and geographies,” Gilbert said.