Standard Life Aberdeen won Fund Action‘s Deal of the Year award for the $4.6bn merger between Standard Life Investments and Aberdeen Asset Management.

Bev Hendrey, chairman of Aberdeen Standard Investments Americas, (pictured above), accepted the award at the 25th annual Mutual Fund Industry Awards at Cipriani 42 Street on April 12.

The merger was the largest global deal of 2017, according to a January PwC report.

Standard Life Aberdeen had a $13.5bn stock market value, and its asset management arm — Aberdeen Standard Investments — had $871bn in assets under administration when the deal closed last summer, the merger announcement notes.

The Edinburgh-based shop is now a top 20 global player and the largest actively managed fund firm in the UK, according to Morningstar.

The move signaled that bigger is even better, particularly since neither firm has a passive arm, Jonathan Miller, director of manager research at Morningstar, told FA when the firms announced the merger last spring. Aberdeen had gone through 15 consecutive quarters of net outflows, showing the pressure on active managers, he added.