Lloyds Banking Group has railed against comments made by Standard Life Aberdeen (SLA) in a stock exchange announcement this morning, disputing Lloyds' request to terminate asset management arrangements between the two companies, which would lead to the withdrawal of a £109bn Scottish Widows portfolio.
On 15 February, Lloyds Banking Group announced plans to withdraw £109bn of assets currently managed by SLA for Scottish Widows as the bank had been reviewing its Scottish Widows Wealth business including the legacy assets run by Aberdeen entities, and as a result, it has given SLA a 12-month notice period for the termination of current arrangements. Lloyds said the assets were now being run by "a material competitor" following the merger of Standard Life and Aberdeen last year. However, SLA argued it is not in material competition with Lloyds. "We note and are disappointed by the comm...
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