Standard Life Aberdeen is to rebrand as Abrdn (pronounced: Aberdeen) in a move to bring together the Standard Life and Aberdeen names under one united brand.

The company, which has a major SIPP arm, says the new name, which will replace five separate brands, will be part of a “modern, agile, digitally-enabled brand.

The new name will be used for all the company's client-facing businesses globally.

The company says the intention is to mark the next stage in the financial services provider’s “reshaping”.

The company will in future be focused on three main businesses: global asset management (Investments), technology platforms for UK financial advisers and their customers (Adviser), and UK savings and wealth (Personal).

The company announced last week it would bring its three adviser plaforms, Standard Life Wrap, Elevate and Fundzone, under one united website to make them easier to co-ordinate.

The roll-out of the new Abrdn brand and logos will begin in the summer and continue through 2021. The company plans to enage with stakeholders to explain and promote the new brand.

Stephen Bird, chief executive, said: “Our new brand Abrdn builds on our heritage and is modern, dynamic and, most importantly, engaging for all of our client and customer channels.

“It is a highly-differentiated brand that will create unity across the business, replacing five different brand names that have each been operating independently. Our new name reflects the clarity of focus that the leadership team are bringing to the business as we seek to deliver sustainable growth.”

An announcement will be made when the company’s name change becomes effective with a revised stock ticker. This is expected to take place prior to the publication of the company's half year results in August 2021.

The unusual name has already attracted comments on social media, some negative.

One commentator on Twitter said: “Has to be a joke, has to be,” while another said: “Is this the worse corporate name change in history?”

Another Twitter user Tweeted: "Utter idiocy from an otherwise great management company."