Standard Life Aberdeen: Lloyds, Scottish Widows to End Investment-Management Deal
15 February 2018 - 7:11PM
Dow Jones News
By Ian Walker
Standard Life Aberdeen PLC (SLA.LN) said Thursday that Lloyds
Banking Group PLC (LLOY.LN) and Scottish Widows have given notice
to end the 109 billion pound ($151.7 billion) investment-management
arrangement agreed to in 2014.
Standard Life also said it will book an impairment charge of
GBP40 million in its 2017 accounts. The investment-management deal
will end in 12 months, as required under the original agreement
between Aberdeen Asset Management and Lloyds.
Standard Life Aberdeen, formed last year through the merger of
Standard Life PLC and Aberdeen Asset Management PLC, said it will
discuss the implications of the termination notice with Lloyds and
Scottish Widows.
It also said the move is part of Scottish Widows's and Lloyds's
wealth-business review of their long-term asset management
arrangements.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
February 15, 2018 02:56 ET (07:56 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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