Standard Life Aberdeen fights back against Lloyds’ asset pull

Standard Life Aberdeen has hit back against Lloyds terminating investment management arrangements worth £109bn, saying the merged company is not in competition with the bank.

In February, the Scottish Widows Investment Partnership assets were pulled because Lloyds saw Standard Life as a rival.

In a stock exchange update today, Standard Life Aberdeen says it and Lloyds are involved in dispute resolution.

The future of Standard Life Aberdeen

The statement says: “SLA has informed LBG that it does not agree that, following the merger of Aberdeen Asset Management and Standard Life, SLA was in material competition in the UK with LBG and that, therefore, SLA does not consider that LBG, Scottish Widows or their respective affiliates has the right to terminate the [investment management arrangements].”

After the assets were pulled, reports emerged that a breakdown in talks to merge Lloyds’ Scottish Widows arm with Standard Life’s pension and life insurance business were behind the move.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Robert Milligan 8th May 2018 at 12:23 pm

    See, nothing to do with the Client and the stability we need to convince our clients to invest with them, its just the Big Houses maximising profit to hide their scurrilous remunerations.

    • Philip Castle 8th May 2018 at 6:17 pm

      I agree with you. a public spat over ownership of the CLIENTS money. I think any money in bonds which otherwise might be viewed as “sticky” money due to the tax implications of moving should be allowed to move with the provider meeting any tax on chargeable event which occurs. i.e. a free move respecting TCF principel 6, which teh FCA appears to allow provdiers to walk all over whilst making is PROVE we do it when we do it as part of our DNA!

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