May 27, 2018

Lloyds pulls £109bn in funds from Standard Life Aberdeen on competition concerns

15 February 2018, 06:43 | Hattie Nash

Lloyds pulls £109bn in funds from Standard Life Aberdeen on competition concerns

Lloyds pulls £109bn in funds from Standard Life Aberdeen on competition concerns

Royal Bank Of Canada upped their target price on shares of Standard Life Aberdeen PLC from GBX 500 ($6.60) to GBX 520 ($6.86) and gave the stock an "outperform" rating in a report on Monday, August 14th.

"Aberdeen has delivered good service and performance and Scottish Widows and Wealth would welcome their participation in the review if Standard Life Aberdeen is able to resolve the competition issue".

Scottish Widows and Lloyds Banking Group's Wealth businesses have terminated their partnership agreements with Aberdeen Asset Management following its merger with competitor Standard Life.

The bank had agreed to delay its decision for six months after the merger completed, an arrangement that only expired on Wednesday.

Scottish Widows and Lloyds said in a statement they had given notice to SLA of their plans to terminate the deal, kick-starting a 12-month process to find a replacement provider or providers. "I think that what we now do is sit down and work out what strategic advantages there might be in working. more closely with Lloyds or whatever it might be".

High Court Revokes Miguna Miguna's Deportation to Canada
The high court has declared the deportation of National Resistance Movement general Miguna Miguna illegal. Local and global parties were alarmed by the TV stations shutdown ahead of Raila's defiant swearing-in.

The asset management tie-up created a "material competitor", Scottish Widows chief executive Antonio Lorenzo said, adding "It is now appropriate to review our long-term asset management arrangements to ensure they remain up-to-date and that customers continue to receive good service and investment performance. We will be discussing the implications of this with Lloyds and Scottish Widows".

Aberdeen took on the deal to manage the £109bn of assets when it bought Scottish Life Investment Partnership from Lloyds in 2014.

Professional Pensions' sister publication Investment Week understands the majority of assets Aberdeen Standard Investments manages for Scottish Widows are invested in strategies such as passive equity and buy and hold United Kingdom fixed income.

When no agreement had been reached, Scottish Widows made a decision to walk away from their partnership with Standard Life Aberdeen and review their long-term asset management arrangements.

Commenting on the news, Laith Khalaf, senior analyst at Hargreaves Lansdown said: "This is a blow for Standard Life Aberdeen, but has been on the cards ever since the merger".

Liverpool ahead of Chelsea and Arsenal in race for England star
And if he impresses for Gareth Southgate's side, an auction from Stoke's Premier League rivals for his services could be on the cards.

The Edinburgh-based company was managing the funds because Lloyds had sold the fund management...

"Losing this book of business would strike a sour note for the Standard Life Aberdeen merger, and undermines some of the rationale for joining forces, which was built on scale".

"There is a possibility Standard Life Aberdeen may retain this chunk of assets, subject to further negotiations".

The decision to terminate the deal comes a week before Lloyds updates the market on its next three-year strategic plan on February 21 and SLA's full-year results on February 23.

Turkish defense minister meets United States counterpart in Brussels
But he "acknowledged the legitimate threats posed to Turkey´s national security by terrorist organisations", the statement said. Jens Stoltenberg's comments came during a news conference after a NATO Ministers of Defense meeting in Brussels.

Other News

Trending Now

Trump war budget calls for sweeping cuts to Medicare, Medicaid, food stamps
"We are going to charge countries outside of our country - countries that take advantage of the United States", Trump said. Even using the most optimistic forecasts, the public debt will increase significantly during Trump's term in office.

Lloyd's and Kanye West make settlement in $10 million lawsuit
The case was dismissed by a California judge based on requests from lawyers on both sides. Kanye West just resurfaced on Instagram and has more personal news to celebrate.

Rippon Responds on Social Media to Haters Hoping He'll Fail
USA figure skater Adam Rippon made a splash in his Olympic debut but, just a few years ago, he was struggling to make ends meet. Rippon, 28, who is the US's first openly gay Winter Olympics athlete, has impressed people with his frankness in PyeongChang.

Trending Analyst Recommended Stocks: MannKind Corp. (MNKD), QUALCOMM Incorporated (QCOM)
This is something that Investors should look for in all the stocks they are trading and is an important indicator to keep tabs on. The 200-day moving average is a good measure for a year timeframe, while shorter moving averages are used for shorter timeframes.

Aaron Rodgers will be at Daytona to support Danica Patrick
For those who don't know it by now, Green Bay Packers quarterback Aaron Rodgers and race auto champion Danica Patrick are a thing. Patrick's longtime sponsor, GoDaddy, has signed on for the two races, America's best-known motorsports events.

Winter Olympics 2018: Svindal claims downhill gold
Svindal stopped the clock at 1min 40.25 sec in the one-run shootout to secure his second Olympic title eight years after his last. He went wide at one turn and fought through the air off one jump while posting the eventual eighth-fastest time at the mid-point.

IShares US Insurance (IAK) Rises 0.02% for Feb 13
A CCI reading above +100 would imply that the stock is overbought, and a reading of -100 would imply that the stock is oversold. Although the CCI indicator was developed for commodities, it has become a popular tool for equity evaluation as well.

IAF aircraft crashes in Assam, 2 pilots killed
The aircraft was reported to have crashed about 20 km away, at Majuli island, counted among the world's biggest river island. The micro-light aircraft crashed soon after it took off from the Jorhat air base on a routine sortie around noon, they said.

New president to be sworn in today, says Speaker Baleka Mbete
In all these sins and shenanigans‚ the ANC was the shield that protected Jacob Zuma from being held accountable. The House is set to elect elect Cyril Ramaphosa as the new president.

Comprehensive Stock Analysis Of Mastercard Incorporated (MA)
This buyback authorization permits the credit services provider to purchase shares of its stock through open market purchases. Moreover, Segall Bryant And Hamill Limited Liability has 0.02% invested in Mastercard Incorporated (NYSE:MA) for 6,437 shares.