Aberdeen completes £550m SWIP acquisition

Aberdeen Asset Management completed the acquisition of Scottish Widows Investment Partnership (SWIP) last night, paying £550m for the business.

The acquisition of the SWIP infrastructure fund management business means the buyout of SWIP from Lloyds Banking Group is now complete. A final deferred payment to Lloyds has also been reduced from £39.4m to £38.3m and will be made at the end of the 12-month period. The total consideration for the acquisition is £550m.  However, this is smaller than the £660m it was initially valued at.  The deal was approved by the regulator back in March following successful talks in November 2013.  At the time, Aberdeen chief executive Martin Gilbert said: "The combined businesses will have a...