On Friday Standard Life Aberdeen sold its insurance arm to zombie specialist Phoenix in a deal worth £3.24bn.
Jettisoning its insurance operations completed what Standard Life Aberdeen bosses Martin Gilbert and Keith Skeoch called the firm’s “transformation to a fee-based capital-light investment company”.
Goldman and boutique Fenchurch Advisory Partners netted bumper fees for advising on Aberdeen’s £11bn merger with Standard Life last year.
But while Fenchurch’s services were retained to advise on the insurance sale, JP Morgan Cazenove was hired instead of Goldman. Fenchurch and JP Morgan are expected to net as much as £20m in fees between them.
Standard Life Aberdeen and Goldman Sachs declined to comment.