Goldman Sachs AM out of the running for £109bn Lloyds contract

JPMAM also out

Jayna Rana
clock • 1 min read

Goldman Sachs Asset Management (GSAM) has dropped out of the auction for a £109bn Lloyds Banking Group contract, leaving BlackRock and Schroders in a final head-to-head battle to win one of Europe's largest investment mandates.

JPMAM, BlackRock and Schroders were selected to progress to the second round of bids in April while Goldman joined the auction in May. However, JPMAM failed to pass the latest round while Goldman was dropped from the race as Lloyds is wary about the UK launch of its retail bank, Marcus, according to the FT. A person close to the auction said the launch had raised competition concerns for Lloyds. Last month, Goldman began taking UK deposits for Marcus, in the latest development of its consumer banking business, making it a direct competitor for Lloyds. The Scottish Widows pension po...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Investment

Event Voice: Stepping out of cash into the Credit Sweet Spot

Event Voice: Stepping out of cash into the Credit Sweet Spot

Peter Marsland, Fixed Income Investment Specialist, from Aberdeen discusses the Short Dated Enhanced Income Fund at the June Fixed Income Market Focus.

Peter Marsland, Fixed Income Investment Specialist
clock 08 July 2025 • 4 min read
Investors undergo 'buyers' strike' in June sending order values to two year low

Investors undergo 'buyers' strike' in June sending order values to two year low

Middle East conflict did not deter investors

Eve Maddock-Jones
clock 08 July 2025 • 2 min read
The big questions around re-evaluating risk for the retail investment industry

The big questions around re-evaluating risk for the retail investment industry

Discussions at Global Investment Management Summit

Katrina Lloyd
clock 08 July 2025 • 8 min read
Trustpilot