Standard Life Aberdeen: Lloyds, Scottish Widows to End Investment-Management Deal

   By Ian Walker

Standard Life Aberdeen PLC (SLA.LN) said Thursday that Lloyds Banking Group PLC (LLOY.LN) and Scottish Widows have given notice to end the 109 billion pound ($151.7 billion) investment-management arrangement agreed to in 2014.

Standard Life also said it will book an impairment charge of GBP40 million in its 2017 accounts. The investment-management deal will end in 12 months, as required under the original agreement between Aberdeen Asset Management and Lloyds.

Standard Life Aberdeen, formed last year through the merger of Standard Life PLC and Aberdeen Asset Management PLC, said it will discuss the implications of the termination notice with Lloyds and Scottish Widows.

It also said the move is part of Scottish Widows's and Lloyds's wealth-business review of their long-term asset management arrangements.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

February 15, 2018 02:56 ET (07:56 GMT)

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