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Decision on fund in Q3

Widows’ £109bn mandate narrows to two managers

Scottish Widows

Widows mandate is focus of negotiation (pic by Terry Murden)


 

BlackRock and Schroders have emerged as frontrunners to manage take on the key mandate which Lloyds Banking Group controversially withdrawn from Aberdeen Standard Investments earlier this year.

Lloyds ended management of the £109bn Scottish Widows fund in February claiming the merger of Aberdeen Asset Management, which held the mandate, with Standard Life triggered a competition clause.

Standard Life Aberdeen is taking legal advice, but its efforts may be in vain as Lloyds appears determined to go ahead with its plan. A decision is expected in the third quarter.

Lloyds could decide to go with one manager or split it, as Daily Business reported earlier this month when JPMorgan Asset Management and Goldman Sachs were also believed to have been in the running.

Aberdeen Asset Management secured the Lloyds mandate in 2014 when it acquired Scottish Widows Investment Partnership from the bank.

As of the end of last year BlackRock oversaw $6.3trn (£4.7trn) while Schroders managed £426.1bn as at 31 March 2018.



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