Schroders is set to land the Lloyds £109bn mandate that has been cancelled with current manager Standard Life Aberdeen, as it offers a stake in its wealth arm Cazenove Capital as part of the negotiations, according to reports.
Schroders has been competing for the mandate, one of Europe's largest investment contracts, alongside BlackRock, J.P.Morgan Asset Management and Goldman Sachs Asset Management. According to the Financial Times, Schroders is now the frontrunner after offering a joint venture, which would allow Lloyds to take some control of Cazenove, the wealth business Schroders acquired five years ago. Failed Widows mega-merger behind £109bn SLA blow - reports In February, Lloyds announced it would withdraw £109bn of assets managed by Standard Life Aberdeen (SLA) for Scottish Widows since 2014 on...
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