Schroders is set to land the Lloyds £109bn mandate that has been cancelled with current manager Standard Life Aberdeen, as it offers a stake in its wealth arm Cazenove Capital as part of the negotiations, according to reports.
Schroders has been competing for the mandate, one of Europe's largest investment contracts, alongside BlackRock, J.P.Morgan Asset Management and Goldman Sachs Asset Management. According to the Financial Times, Schroders is now the frontrunner after offering a joint venture, which would allow Lloyds to take some control of Cazenove, the wealth business Schroders acquired five years ago. Failed Widows mega-merger behind £109bn SLA blow - reports In February, Lloyds announced it would withdraw £109bn of assets managed by Standard Life Aberdeen (SLA) for Scottish Widows since 2014 on...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes