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Standard Life (SL.L) and Anben Asset Management (ADN.L) are expected to cut 800 jobs, close to 10% of the total number of employees, which is part of the merger of the two companies. The two companies want to merge to build the UK's largest listed investment management company.
They said they planned to raise a one-time fee of ? 320 million ($ 415 million) to help pay for the plan.
The two companies announced in March that they had reached ? 11bn ($ 14.2bn) in all-stock deals with $ 670bn in combined assets, saving $ 200m per year.
In the consolidated statement released on Tuesday, Standard Life said that 75% of the cost savings will be achieved at the end of the second year after the merger. The new company is called Standard Life Aberdeen.
Faced with the competition for lower-cost index funds and the rising costs of more stringent regulation, the two companies are seeking to strengthen defense, and this pressure is expected to lead to more industry consolidation

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