Goldman Sachs has thrown its hat into the ring for the £109bn investment contract put up for tender by Lloyds Banking Group.
According to Sky News, Goldman Sachs Asset management joins BlackRock, JPMorgan Asset Management and Schroders in the second round of bidding for the Lloyds Banking Group tender.
A decision will be made in the summer.
Standard Life Aberdeen has managed the mandate since 2014 but Lloyds pulled more than £109bn of assets away from the business in February citing a material competitor clause.
In a stock exchange announcement last month, Standard Life Aberdeen announced it and Lloyds are in dispute resolution over the legal ramifications of withdrawing the funds.
Standard Life Aberdeen said the merged company was not in direct competition with Lloyds Banking Group, so it therefore did not have the right to terminate the assets.
Lloyds responded by saying it was “disappointed” by Standard Life Aberdeen’s comments.
At the time, a Lloyds Banking Group spokesman said: “Standard Life Aberdeen is a clear and material competitor of Scottish Widows and Lloyds Banking Group in the UK and to suggest otherwise is not credible.”
He said: “As a result, Scottish Widows and Lloyds Banking Group had the right to terminate the contracts with Standard Life Aberdeen and we acted accordingly by serving notice on 14 February.”
Standard Life Aberdeen announced in February it was selling its insurance arm to Phoenix in a £3bn deal in what some commentators saw as a move to allay competition concerns and hold on to the Scottish Widows mandate.