Standard Life Aberdeen row costs Lloyds group £339m

Pedro Gonçalves
clock • 2 min read

Lloyds has put aside £339m in contingency funds following a ruling that it had no right to unilaterally break an investment management contract with Standard Life Aberdeen. In March, an arbitration panel rule that Lloyds was wrong to pull out of a deal to have SLA manage £100bn of assets for it wealth management arm and pensions business Scottish Widows. The bank's decided to cut short the contract with SLA last year saying that the merged group was a direct competitor.  Lloyds has already awarded an £80bn contract to Schroders, with the assets underpinning a wealth management joint v...

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