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Lloyds Bank Pulls £109B Plug On Standard Life Aberdeen

Law360, London (February 15, 2018, 2:12 PM GMT) -- Lloyds Banking Group said Thursday it is terminating its contract with asset manager Standard Life Aberdeen, which manages a £109 billion ($153.5 billion) portfolio for two Lloyds subsidiaries, citing competition concerns.

Lloyds Banking Group is breaking off its relationship with Standard Life Aberdeen and has given the asset manager a 12-month notice period. (AP) The move severs a 2014 deal in which the bank appointed Aberdeen Asset Management to manage investment funds for its pensions unit, Scottish Widows, and the group’s Lloyds Wealth subsidiary. That deal...
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