Lloyds Banking Group has announced it is to withdraw £109bn of assets currently managed by Standard Life Aberdeen for Scottish Widows as it is a "material competitor" following the Standard Life Aberdeen merger.
In a stock exchange announcement, Lloyds said it had been reviewing its Scottish Widows Wealth business including the legacy assets run by Aberdeen entities and, as a result, it had given Standard Life Aberdeen a 12-month notice period for termination of the current arrangements. Standard Life Aberdeen will take an "impairment charge of £40m on the intangible asset" relating to the Lloyds customer relationship but also pointed out the £109bn would only affect 5% of revenue for the 2017 financial year. It currently runs £176bn in insurance assets and £646bn in total across the group me...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
