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Macquarie to rival Aberdeen with Swip bid

Macquarie Group is reportedly about to make an $800m (£500m) all-cash offer to buy Scottish Widows Investment Partnership.

 It first emerged that Lloyd’s Banking Group planned to sell Scottish Widow’s asset management business back in April

The Wall Street Journal reported last week that Australian group Macquarie could be expected to make an offer to buy Swip within the next two weeks. 

If the bid is successful, Swip would be added to the Mac-quarie Funds Group, currently operating a range of equity funds in Australia and the US and with limited exposure to European stocks.

Aberdeen Asset Management had established itself as the frontrunner for the business after confiring last month it is in discussion with Lloyds to buy Swip in a share-based offer.   

It has also emerged that a purchase by Aberdeen could result in 150 job cuts within the 2,500 staff currently working for Edinburgh-based Swip.

It is thought Lloyds may look to announce a decision on the sale of Swip by 22 November.

Macquarie declined to comment on the matter.

Chase de Vere head of communications Patrick Connolly says: “Certainly from the perspective of the investors who are still with Swip, it will be ideal to have some clarity as soon as they possibly can. 

“Aberdeen would still be a good fit for Swip and it is hoped that any other bidders that do come in are equally in a position to improve the lot of Swip investors.”

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