Lloyds sacks Standard Life Aberdeen as Widows manager

The Standard Life Aberdeen PLC (LON:SL) Stock Rating Reaffirmed by Citigroup Inc.

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".

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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.

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