Lloyds Walks Away from Standard Life Contract

17 February, 2018, 00:15 | Author: Darnell Patrick
  • Standard Life Aberdeen share price Analysts see Lloyds move as a ‘blow

Scottish Widows and Lloyds Banking Group's wealth businesses have given Standard Life Aberdeen notice to terminate their partnership agreements with Aberdeen Asset Management following its merger with Standard Life.

Shares in Standard Life Aberdeen dropped as much as 10% for a time after the announcement, before settling about 5% lower.

The companies said the reason behind ending the contract is the competition generated due to the meger between Standard Life and Aberdeen.

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

The group added there are no immediate changes for customers and it anticipates implementing the new arrangements by the end of H1 2019.


Keith Skeoch and Martin Gilbert, chief executives of Standard Life Aberdeen (SLA), said they were "disappointed". "We will be discussing the implications of this with LBG and Scottish Widows".

Professional Pensions' sister publication Investment Week understands the majority of assets Aberdeen Standard Investments manages for Scottish Widows are invested in strategies such as passive equity and buy and hold United Kingdom fixed income.

Lloyds will pull out £109 billion held on behalf of Scottish Widows, the pension business it owns.

Standard Life Aberdeen PLC (LON:SL)'s stock had its "buy" rating restated by research analysts at Citigroup Inc.in a research note issued on Thursday, October 12th, StockTargetPrices.com reports. Standard Life Aberdeen presently has an average rating of "Buy" and a consensus target price of GBX 477.50 ($6.60). A source close to the asset manager meanwhile told Reuters that the mandate represented around five percent of total company revenues.

Companies with exposure to South Africa were also among the biggest gainers as the rand ZAR= held near a three-year high after President Jacob Zuma resigned. 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 Ltd reaffirmed an "add" rating and set a GBX 465 ($6.14) target price on shares of Standard Life Aberdeen PLC in a report on Tuesday, August 8th.

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