Knighted financial boss 'proud'

Sir Sandy has worked with Standard Life for 42 years

The boss of financial giant Standard Life said he was "delighted and very proud" to be knighted in the New Year Honours list.

Sandy Crombie, chief executive of the Edinburgh-based asset management group, has worked with Standard Life for 42 years.

It is one is one of the few pillars of the Scottish financial establishment to have escaped the worst of the downturn.

Sir Sandy, 59, also holds various cultural posts.

He said: "I cannot accept this recognition without paying tribute to my family for their support, and to everyone at Standard Life who has contributed to the company's success."

During his time with Standard Life, it has developed into a major international player, providing pensions, investment management, banking and healthcare insurance products to more than seven million customers worldwide. It employs 10,000 people.

He led Standard Life's demutualisation and flotation on the London Stock Exchange in 2006 in what was seen at the time as a major U-turn for an insurer that had been a mutual since 1925.

Cultural posts

It was only two years previously, in 2002, that it doggedly fought off a previous demutualisation bid.

Sir Sandy, who was knighted for services to the insurance industry, spent five years from 1998 as chief executive of Standard Life's investment arm.

In that time, the firm said its funds under management grew from �61bn to �86.5bn.

He became deputy group chief executive in 2002 and chief executive two years later.

Since then, the firm's worldwide sales, operating profits and new business profitability have all increased.

Sir Sandy has also been active on industry bodies, is a member of the Scottish Government's financial services strategy group and vice chairman of the board of governors of The Royal Scottish Academy of Music and Drama.

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