Lloyds Banking Group announces sale of SWIP to Aberdeen Asset Management
At SWIP we have been working with Lloyds Banking Group to determine the best outcome for our business – being mindful of both our focus on delivering for our investment clients and Lloyds Banking Group’s ambition to be the best bank for customers.
Having conducted a strategic review of investment management activities, Lloyds Banking Group has concluded, in conjunction with SWIP, that another owner would be better able to develop and commercialise further the strong capabilities that exist within our business.
As a result, Lloyds Banking Group has agreed to sell our business to Aberdeen Asset Management. As part of the transaction, Lloyds Banking Group will receive shares in Aberdeen and additional deferred payments in cash may be payable, conditional on the performance of the relationship over a period of years. The deal is expected to conclude by the end of the first quarter of 2014, subject to regulatory approval. As part of the sale, Lloyds Banking Group and Aberdeen will enter into a long-term strategic asset management relationship whereby Aberdeen will manage assets on behalf of Lloyds Banking Group.
The sale of our business to Aberdeen will create the largest listed asset management business in Europe, with more than £336 billion under management, and one of the most formidable players on the global stage. The sale is expected to result in a stronger asset management business for our clients, combining Aberdeen and SWIP’s strengths across fixed income, real estate, active and quantitative equities, solutions and alternatives.
Robust plans are in place to manage the sale and transfer process. In the meantime, there is no change to the way we manage our clients’ investments, and we remain focussed on our aim to deliver outstanding performance and excellent service.
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