Former HSBC Holdings (LON:HSBA) chair Sir Douglas Flint has been approached to lead Standard Life Aberdeen’s (LON:SLA) board, The Sunday Times has reported. Flint stood down from Europe’s biggest bank in September last year and has since been made the Treasury’s special envoy for China’s Belt and Road initiative and taken the chairmanship of FTSE 250 intellectual property company IP Group.
Standard Life Aberdeen’s share price fell in the previous session, shedding 1.30 percent to close at 296.60p, largely in line with the selloff in the broader UK market, which saw the benchmark FTSE 100 index give up 99.80 points to close 1.35 percent lower at 7,318.54. The group’s shares have lost more than 30 percent of their value over the past year, as compared with about a 2.5-percent dip in the Footsie.
Douglas Flint tipped to lead SLA
The Sunday Times reported yesterday that HSBC’s former chair Douglas Flint was understood to be among two or three candidates being considered to replace Sir Gerry Grimstone as chair of Standard Life Aberdeen. A source close to the situation told the newspaper that Flint was a ‘very credible candidate’ to chair the FTSE 100 group.
“If he wants it, they should bloody take him,” the source added. Grimstone is expected to leave the merged group early next year.
Analysts on FTSE 100 group
Berenberg, which sees Standard Life Aberdeen as a ‘hold,’ lowered its price target on the shares from 360p to 340p last week. According to MarketBeat, the FTSE 100 asset manager currently has a consensus ‘buy’ rating and an average price target of 429.43p.
Last month, Numis turned bullish on Standard Life Aberdeen, arguing that the blue-chip asset manager’s stock is ‘materially undervalued’.