Edinburgh-based investment giant Standard Life Aberdeen (SLA) is considering a name change amid reports that new chief executive Stephen Bird is mulling a deal to sell the ‘Standard Life’ brand name to Phoenix Group.

Closed life and pension fund consolidator Phoenix Group Holdings plc is the owner of the “old” Edinburgh-based Standard Life Assurance and Phoenix Group occupies the former SLA HQ on Lothian Road, Edinburgh.

Standard Life Aberdeen has a 17.9% stake in Phoenix Group.

Reports claim any transaction on brand names would form part of a restructured relationship agreement between SLA and Phoenix that might include extending the terms of an asset management partnership struck in 2018.

Standard Life Aberdeen manages more than £500 billion of assets, has offices in over 50 locations worldwide and employs around 6,000 people.