Aberdeen CEO Martin Gilbert has said Lloyds Banking Group's plan to boost its wealth management capabilities is a crucial factor in the fund manager's deal to buy SWIP, but refused to be drawn on possible job cuts.
In a conference call this morning, Gilbert (pictured) said the purchase of SWIP's investment solutions division, responsible for the design, development and management of multi-asset solutions for Lloyds' wealth clients, is the element that led Aberdeen to the £650m deal. The business provides advice on about £15bn of Lloyds wealth clients' discretionary assets. "It is the part of the business that sits between SWIP and Lloyds Bank. It makes a genuine relationship between the two. It is that close relationship with Lloyds customers that really attracted us to do this deal." "You co...
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