Aberdeen pays £38m top-up for SWIP

Aberdeen Asset Management has made a £38.3m top-up payment to Lloyds Banking Group for Scottish Widows Investment Partnership (SWIP), which it acquired last year.

The deferred payment was part of the original sale agreement and was due 12 months after the completion of the acquisition last year. The sum, paid by the fund group in cash, is based on the difference between Aberdeen's volume weighted average price for the five business days prior to the completion of the purchase and the reference price of 420p per share. Aberdeen completed the acquisition of SWIP last May for a total price of £550m. The acquisition made Aberdeen the largest listed independent fund manager in Europe, adding £136bn of assets to its existing £200bn.  The group add...