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.

To view the full article, register now.

"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.


  • 2 officers killed, suspect in custody after shooting in Ohio

    2 officers killed, suspect in custody after shooting in Ohio

    Officials have identified the officers as Officer Anthony Morelli and Officer Eric Joering. Police say a suspect is in custody but provided no other details.
    President Donald Trump: 'God's hand' is on America

    President Donald Trump: 'God's hand' is on America

    The National Prayer Breakfast is put on by the Fellowship Foundation, which was long run by Doug Coe, who died a year ago . During his remarks, the president emphasized the interconnection between freedom of religion and a flourishing society.
    Manchester United after Brazilian Fabinho

    Manchester United after Brazilian Fabinho

    However, local rivals Manchester City now lead the Premier League with a handsome 13 point advantage over United. Revenue for the second quarter is up four per cent to £163.9m, but the accounts show a £29m loss for the period.
  • Nokia 6 With 4GB RAM Launched in India at ₹16999

    Nokia 6 With 4GB RAM Launched in India at ₹16999

    The f/2.0 aperture lenses and exclusive camera UI with automatic scene detection make it easy to take great shots every time. While it comes with the Dolby Atmos, the smartphone creates powerful moving audio that seems to flow all around users.
    Nepal gets first ever new cabinet with federal system

    Nepal gets first ever new cabinet with federal system

    Similarly, Oli will act as the executive head of the party during the last two years when Dahal will be heading the government. The swearing-in was held 69 days after the completion of elections to the federal and provincial assemblies.
    Canada win inaugural mixed doubles curling gold

    Canada win inaugural mixed doubles curling gold

    Although Russia is not officially competing in the Games in the wake of the nation's state-sponsored doping scandal ban . Anastasia Bryzgalova appearing on your Cornflakes box soon? Anastasia Bryzgalova '...why decline?'
  • 2 killed, 3 hurt in New Orleans shooting

    2 killed, 3 hurt in New Orleans shooting

    They watched the parades put on by Rex and Zulu as well as the truck parades that roll through the streets afterward. Police spokeswoman Ambria Washington said multiple suspects opened fire on a vehicle with five people inside.
    Omarosa Cries While Talking About 'Serving' in Donald Trump's White House

    Omarosa Cries While Talking About 'Serving' in Donald Trump's White House

    Omarosa , who has known Trump since her first stint on The Apprentice , explained that she was trying to help America, not him. The Trump administration pushed back against Newman's latest comments at the White House press briefing on Thursday. "God no.
    ESPN Plus Service Will Cost $4.99 Per Month

    ESPN Plus Service Will Cost $4.99 Per Month

    It will enable access to live streams of all ESPN's networks providing consumers or subscribers to multi-channel packages. Speed will a key component of the app's redesign, according to Aaron LaBerge, ESPN's chief technology officer.
  • Xiaomi Redmi Note 5 Pro quick review, camera samples & photo gallery

    Xiaomi Redmi Note 5 Pro quick review, camera samples & photo gallery

    For the first time Xiaomi is also introducing the obligatory Face Unlock feature, marking the 5 Pro as a full-circle wannabe. On the connectivity front, the Mi TV 4 offers 3 HDMI ports , 1XUSB 3.0, 1X USB 2.0 ports, Bluetooth 4.0 and WiFi 802.11ac.
    Leaked Document Signals Bad News For Northern Ireland

    Leaked Document Signals Bad News For Northern Ireland

    The two have a confidence and supply deal which allows Theresa May to run a minority government. Liberal Democrat Brexit spokesman Tom Brake said: "This is a damning outlook for Britain".
    Dwyane Wade Miami Heat jerseys are selling like insane

    Dwyane Wade Miami Heat jerseys are selling like insane

    Micky [Arison] is very pro Dwyane. "They might not mention the other ones, and that's OK, but it's just all a part of it". I'm excited to be back home in our bed in our environment with our kids with our dogs and list goes on and on.


Real Madrid to rival Man Utd for Tottenham contract rebel
UNITED are reportedly monitoring Toby Alderwiereld's contract situation at Tottenham. Some of the recent transfer speculation involving Chelsea ...

Olympics: Shiffrin's Pyeongchang debut postponed because of high winds
Jansrud and Alexis Pinturault of France should contend. "It's a bummer that we're not able to race today", Shiffrin said. There's a chance star American skier Mikaela Shiffrin could have at least one of her events postponed.

Samsung Galaxy S9 Plus Benchmarked With Android 8.0, 6GB RAM
In terms of performance, you should note that the Snapdragon 845 processor is 25% faster compared to its predecessor. This year too the Galaxy S9 duo are expected to arrive in Exynos and Snapdragon SoC variants.

Google testing 'Reply,' a smart replies app for third-party apps
As you can see, the app is capable of analyzing the incoming message and providing you with some possible short responses. Now it seems that Google wants to bring the feature to more chat apps , and not just those made by Google.

Trump blocked from ending DACA by second judge
That program granted the right to work and stay in the US without fear of deportation to about 700,000 young immigrants. Garaufis said the administration can "indisputably" end DACA but questioned its legal reasoning for doing so.

'Disturbed' fan 'plots death' of popular YouTube star, breaks into couple's home
The officers found Giles backing out of the driveway in his Lincoln sedan with a New Mexico license plate and ordered him to stop. A man from New Mexico allegedly broke into the home of a famous YouTube couple before a fatal police shooting.

Consensus Estimates and Trading Data for The New York Times Company
The New York Times Company (NYT ) has demonstrated a 20-day simple moving average (SMA) of 2.03%, and a 50-day SMA of 11.99%. The New York Times Company on 9/29/2017 reported its EPS as $0.3 with the analysts projecting the EPS of the stock as $0.24.

Ram Mandir-Babri Masjid hearing adjourned for March 14; Day-to-Day hearing unlikely
Among those contending the case for the Babri Masjid , the view is firming up that the issue ought to be heard by a larger Bench. It also asked the parties to bring on record all documents, exhibits, translations etc for the final arguments.

India imposes $21 million fine on Google for search bias
The ruling was prompted by a complaint filed in 2012 by Indian matchmaking website, Bharat Matrimony and a consumer protection group.

Microsoft tests a password-less Windows 10 S
While there are some exciting improvements to the system graphics, the company also unveiled some privacy and security changes. The feature doesn't now work, but Redmond says it will before the Redstone 4 update is released to the general public.