BlackRock, JP Morgan Asset Management and Schroders are among the firms vying for a £109bn investment contract put up for tender by Lloyds Banking Group, having made it through to the second round of bids.
In February, Lloyds announced it would withdraw £109bn of assets managed by Standard Life Aberdeen (SLA) for Scottish Widows since 2014 on the grounds of competition between the insurers. Following a review of its Scottish Widows Wealth business, Lloyds gave SLA a 12-month notice period for the termination of current arrangements. While SLA was allowed to bid for the mandate, it is not thought to be through to the latest round, the FT reports. The contract is one of the largest ever in the UK withdrawn from a single client, accounting for about a third of the total assets that Aber...
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