The tie-up created a "material competitor", according to Scottish Widows chief executive Antonio Lorenzo, who said: "It is now appropriate to review our long-term asset management arrangements to ensure they remain up-to-date and that customers continue to receive good service and investment performance". Shore Capital reaffirmed a "hold" rating on shares of Standard Life Aberdeen PLC in a report on Tuesday, August 8th.
The fund management behemoth will lose revenue and take a £40m impairment charge as a result of losing its customer relationship with Scottish Widows' owner Lloyds Bank. This included long-term contracts for the management by Aberdeen of over £100bn of assets on behalf of Scottish Widows and Wealth.
Shares in Standard Life Aberdeen, one of the UK's largest asset management firms, dived on Thursday after it was announced that Lloyds Bank plans to withdraw a £109 billion portfolio held.
Brazil's world famous carnival in full swing
For many, carnival offers a moment to forget about Brazil's profound problems - at least for a few days. Crivella is a licensed bishop of the Universal Church.
Standard Life Aberdeen announced in a statement today that Lloyds and its Scottish Widows unit had informed that company that they meant to review their long-term asset management arrangements, including those covering in aggregate about £109 billion of assets.
Aberdeen took on the deal to manage the £109bn of assets when it bought Scottish Life Investment Partnership from Lloyds in 2014.
When no agreement had been reached, Scottish Widows chose to walk away from their partnership with Standard Life Aberdeen and review their long-term asset management arrangements.
The Lexington Realty Trust (LXP) versus Its Rivals Critical Analysis
Edmp Inc decreased its stake in Digital Realty Trust (DLR) by 74.05% based on its latest 2017Q3 regulatory filing with the SEC. The stock of Brandywine Realty Trust (NYSE:BDN) earned "Underweight" rating by KeyBanc Capital Markets on Friday, July 15.
Revenue associated with the funds represented less than 5% of SLA's proforma 2017 full year revenue. "You might think that with £109bn of assets on offer this might be an easy task, but these funds have to be managed at relatively low cost with enough margin for both the investment manager and Lloyds to make a turn".
Keith Skeoch and Martin Gilbert, Standard Life Aberdeen's Chief Executives, noted that they were "disappointed" by the decision.
Standard Life Aberdeen PLC (LON:SLA) has earned an average recommendation of "Buy" from the eleven ratings firms that are now covering the company, MarketBeat Ratings reports.
Marys school board takes stand against proposed education bill
All of the candidates under consideration were previously screened by former Darlington County Superintendent Rainey Knight. A public hearing is set for March 8 at 6 p.m.at the New Bridge Learning Center, where the board holds its regular meetings.
However, this deal allowed Scottish Widows to exit the contract should Aberdeen Asset Management be subject to a change of control with a "material competitor".