Lloyds sacks Standard Life Aberdeen as Widows manager

Lloyds sacks Standard Life Aberdeen as Widows manager

Lloyds Banking Group PLC (LON:LLOY) and its Scottish Widows business have made a decision to withdraw £109bn of assets under management from Standard Life Aberdeen PLC (LON:SLA) due to competition concerns. Finally, Deutsche Bank boosted their target price on shares of Standard Life Aberdeen from GBX 420 ($5.80) to GBX 470 ($6.49) and gave the stock a "hold" rating in a report on Monday, January 22nd.

Scottish Widows and Lloyds Wealth said: "Aberdeen has delivered good service and performance and Scottish Widows and Wealth would welcome their participation in the review if Standard Life Aberdeen is able to resolve the competition issue".

To view the full article, register now.

The loss of the contract looks particularly bad for Martin Gilbert, Aberdeen's chief executive at the time of the merger, who runs the enlarged group alongside Keith Skeoch, his Standard Life counterpart.

"We will be discussing the implications of this with LBG and Scottish Widows", the pair added.

"Therefore, we will begin an in-depth assessment of the market to identify a long-term strategic partner, or partners, to manage the current £109 billion of assets".

Lorenzo said there will be no immediate changes for customers.

A United Kingdom pension fund and its parent bank have terminated about $200 billion in respective mandates with a major global asset manager.

If bad news really comes in threes, then investors in Standard Life Aberdeen will be nervous before its annual results are unveiled next week. You might think that with £109bn of assets on offer this might be an easy task, but these funds have to be managed at relatively low cost with enough margin for both the investment manager and Lloyds to make a turn.

Khalaf says: "This would make some sense now the bank has recovered from the financial crisis and will be looking for opportunities to grow and diversify". A source close to the asset manager meanwhile told Reuters that the mandate represented around five percent of total company revenues. First, a trading statement in December confirmed that the merged fund management business had suffered a net outflow of funds in the first nine months of 2017. Numis Securities restated an "add" rating and issued a GBX 505 ($6.98) price objective on shares of Standard Life Aberdeen in a research report on Tuesday.

Related news:

Hot News

isis-killer-beheading-video-story-top DUP went back on a deal for Irish language, claims Sinn Féin
Feb 17, 2018 - 00:14
That rift subsequently widened to take in more long-standing disputes over language, social issues and the legacy of the Troubles. DUP leader Arlene Foster said there was "no prospect" of negotiations leading to a new powersharing agreement with Sinn Fein.

isis-killer-beheading-video-story-top Rodrigo Duterte slammed for ordering troops to shoot female rebels' genitals
Feb 16, 2018 - 02:41
Duterte has a chequered history of making menacing and misogynistic remarks towards women. He added that women would be "useless" without their genitals.

isis-killer-beheading-video-story-top Upcoming gas prices could see slight decreases
Feb 16, 2018 - 02:39
Oil inventories are down, in part because OPEC has cut production and that's pushed prices higher especially here in California. The sudden decrease in prices stems from a nosedive in energy prices on the stock market, a spokesperson for AAA said.

isis-killer-beheading-video-story-top Nokia 6 4GB RAM Variant Launched in India: Price, Release Date, Specifications
Feb 16, 2018 - 02:39
The smartphone now comes in two memory variants; one with 4GB RAM and 64GB storage, and another with 3GB RAM and 32GB storage. Also, apart from the higher RAM and storage, all other specifications for the new variant are the same as the previous model.

isis-killer-beheading-video-story-top Dead in New Orleans as Mardi Gras Celebration Comes to a Close
Feb 16, 2018 - 02:37
A total of three people were killed and five others were wounded in three separate shootings in New Orleans on Mardi Gras . They watched the parades put on by Rex and Zulu as well as the truck parades that roll through the streets afterward.

isis-killer-beheading-video-story-top Bjoergen makes Winter Olympics history as Kalla claims first gold of Games
Feb 15, 2018 - 00:28
I just wanted to focus and keep pushing all the time. "Charlotte was stronger than me, but I am happy with silver". Bjoergen took the 11th Olympic medal by finishing second in 40:52.7.

isis-killer-beheading-video-story-top Instagram is making it harder to creep on other users' Stories
Feb 15, 2018 - 00:24
Some Instagram users took to Twitter to report that they are now able to see who has been snapping screenshots of their stories. With the ability to see if somebody screenshotted a public story, well, in the words of one Twitter user: "Creep wisely."

isis-killer-beheading-video-story-top Warrant: Man in fatal shooting might have targeted YouTube stars
Feb 14, 2018 - 17:44
Giles was found dead in his auto by the authorities, after a shootout with police as he tried to leave the couple's driveway. Police determined "it was apparent that Giles' sole intent was to cause harm to someone who resides there", KVUE reported.

isis-killer-beheading-video-story-top OLYMPICS ROUNDUP: Kim dominates for 1st Olympic gold, Hirscher breaks through
Feb 14, 2018 - 17:43
Despite her unicorn-like athleticism, Kim still manages to remind you of your casual-cool friend from high school. But deep down, she knows where the real thanks belonged.

isis-killer-beheading-video-story-top Trump administration wants to replace food stamps with at-home food delivery
Feb 14, 2018 - 17:40
Trump also is proposing work requirements for several federal programs, including housing subsidies, food stamps, and Medicaid. The remainder of their benefits would be given to them on electronic benefit cards, as before.

isis-killer-beheading-video-story-top Omarosa Suffers Asthma Attack On 'Celebrity Big Brother'
Feb 14, 2018 - 17:39
Another week continues in the Big Brother house, and Omarosa Manigault is taking her drama to the next level. If you get all of your news from reality-TV programming, this month has been absolutely brutal.

isis-killer-beheading-video-story-top Premier League UK live broadcasting rights update
Feb 14, 2018 - 17:34
In the previous round, Sky faced an over 80 percent increase in price after BT entered the market with its own sports TV plans. League executives are confident of matching or beating the previous 2015-2019 TV rights deal of £5 billion.

isis-killer-beheading-video-story-top Pep Guardiola hopes Riyad Mahrez will return to his best form
Feb 12, 2018 - 01:02
He has also contributed an impressive two goals and four assists from central defence, making him a top attacking threat. Manchester City will be at home for this game and that should mean even better things for the club.

isis-killer-beheading-video-story-top Justin Timberlake Surprises Super Bowl 'Selfie Kid' with Video Call
Feb 12, 2018 - 01:02
Surprise, Ryan! You and your family are getting the VIP treatment at a Justin Timberlake concert! Can we also go massively viral over a selfie with JT? 'I was elbowing people'.

isis-killer-beheading-video-story-top South African President Zuma Will Reportedly Resign After Preconditions Met
Feb 11, 2018 - 03:51
The last time there was a motion against Zuma, 25 ANC members voted with the opposition parties. He has been weakened by the election of his deputy, Cyril Ramaphosa , as party leader.