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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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Should financial advisers be volunteers?

Financial advisers have a long history of providing pro bono services to the public. Whether it is just to boost the standing of the profession, increase access to advice or simply provide a few words of guidance to family and friends, many advisers take time to help others. This year in particular, many have come […]


Aegon platform tech boss resigns

Aegon chief digital officer Richard Denning, who is also in charge of platform development at the provider, has resigned. An Aegon spokesman says Denning is leaving to “have a break from corporate life”. According to his LinkedIn profile, Denning’s roles at Aegon include chief digital and transformation officer, chief operating officer for digital solutions and […]

Equity release a growing market for solicitors – Pru

Research from Prudential conducted among UK private client solicitors shows a growing need for advisory work in equity release. Twenty nine per cent of solicitors believe demand for legal guidance in the area of equity release will increase in the next five years and over the last two years, one in four (26 per cent) […]


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