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Scottish Widows mandate worth £109bn set to go to Schroders

Schroders is set to take control of a contested £109bn investment mandate after Scottish Widows parent Lloyds pushed Standard Life Aberdeen off the funds, according to reports.

Schroders has offered Lloyds the chance to take some form of stake in its discretionary wealth arm Cazenove Capital as a sweetener to the deal Financial Times reports.

Apparent contenders for the Scottish Widows Investment Partnership mandate after it came up for bids included BlackRock, J.P Morgan Asset Management and Goldman Sachs Asset Management.

Aberdeen Asset Management, which later merged with Standard Life, bought an eight-year contract to manage assets for Scottish Widows in 2014 for £550m.

Scottish Widows’ £109bn mandate fight down to BlackRock and Schroders

After Aberdeen merged with Standard Life, Lloyds decided to withdraw the agreement with the joint firm, believing that Standard Life and Scottish Widows would now be competitors.

Lloyds intended to announce who would replace Standard Life Aberdeen in August, but the process was slowed down due to arbitration between Lloyds and Standard Life Aberdeen, in which the Standard Life Aberdeen is demanding £250m break fee, according to the Financial Times.

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