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5: Standard Life Investments Limited (SLI)

In January 1998, after four years of growing the division, Crombie
convinced Scott Bell to create a wholly-owned but operationally
independent investment business. In November 1998 Standard
Life Investments was launched.

This subsidiary was to be the asset management arm of Standard
Life plc serving corporate and individual investors, dealing in all
major asset classes – equities, bonds, property, etc.

The SLI group includes:

• Standard Life Investments (Mutual Funds) Limited,
• Standard Life Investments (Corporate Funds) Limited,
• SL Capital Partners LLP, and

• SLTM Limited.

It also serves as the investment manager for its parent company
and Standard Life Pension Funds Limited.

In April 1999 Keith Skeoch joined SLI as Chief Investment Officer
having previously been Managing Director, International Equities,
at HSBC Securities. As at 15 November 1998 SLI was managing
assets of £62.7bn. By 2007, it was managing £143.4bn and
employing 780 staff of whom 580 were based in Edinburgh.

Skeoch commented that Crombie needed him to:

1. “Put some intellectual rigour into the investment process to
make it “industrial strength”. He wanted a superior return at
the heart of the company to differentiate them from the
competition.

2. Change the mindset from a local company to having a global
view. Standard Life Investments needed to be a global player
to protect their own back yard.

3. Be a part of the team that put in place an “appropriate
culture” of a successful asset management firm. To foster a
long-term vision and to act as an “attractor of other talent”.

Standard Life Investments was a “blank piece of paper with a
critical mass”. Together, Crombie and Skeoch worked to build up a