Asset managers Blackrock and Schroders are the rumoured frontrunners to oversee £109bn for Lloyd’s Banking Group (LBG), after the contract with Standard Life Aberdeen was terminated earlier this year.
Scottish Widows says Standard Life Aberdeen is a clear and material competitor and it, therefore, has the legal right to terminate its investment management agreement with the firm.
Standard Life Aberdeen has challenged Lloyd Banking Group’s decision to pull out of a £109bn contract, arguing that there are no material competition concerns.
A failed merger between Lloyds Banking Group’s subsidiary Scottish Widows and Standard Life Aberdeen’s pension and assurance arm was behind the FTSE 100 bank’s decision to terminate its contract with the fund group, it was revealed over the weekend.
Standard Life Aberdeen has lost its biggest client, Lloyds Banking Group (LBG), after the FTSE 100 bank decided to pull more than £100bn assets over competition concerns.
Aberdeen Asset Management and Standard Life shareholders have emphatically approved the firms’ merger, paving the way for one of the biggest ever deals in the sector.
