Standard Life Aberdeen integration to cut 800 jobs

* Firms agreed 11 billion pound merger in March

* New (KOSDAQ: 160550.KQ - news) group to have 16-member board

* Standard Life (LSE: SL.L - news) 's GARS saw 2.8 billion sterling outflows in 1st quarter (Recasts, adds background, bullet points)

By Carolyn Cohn and Subrat Patnaik

May 9 (Reuters) - Standard Life and Aberdeen Asset Management expect to cut 800 jobs, nearly 10 percent of the firms' total workforce, within three years of their looming merger, Standard Life said after announcing on Tuesday that the combined group will be named Standard Life Aberdeen.

The Scottish companies agreed in March on an 11 billion pound ($14.2 billion) all-share deal they said is expected to bring 200 million pounds in annual cost savings.

Insurer and asset manager Standard Life and rival asset manager Aberdeen are facing competition from passive index-tracking funds which charge lower fees. The sector is also coming under increasing regulatory scrutiny, sparking a number of mergers and expectations of more to follow.

The combined firm's 16-member board will be headed by Gerry Grimstone, current Standard Life chairman, while Standard Life and Aberdeen chief executives Keith Skeoch and Martin Gilbert will be co-chief executives of the new firm, a structure which some investors have criticised.

Standard Life also gave a trading update, saying it has "made further progress" in the first three months of 2017, with net investment inflows of 3.1 billion pounds ($4.01 billion), excluding its Global Absolute Return Strategies (GARS), which saw outflows of 2.8 billion pounds.

GARS was a flagship investment product for Standard Life, but it has seen weaker performance in recent quarters.

Shareholders of both firms will vote on the merger at extraordinary general meetings on June 19, with the deal expected to complete by mid-August. ($1 = 0.7733 pounds) (Reporting by Subrat Patnaik in Bengaluru; Editing by David Goodman and James Dalgleish)