BlackRock scoops £30bn slice of Lloyds £109bn mandate amid 'strategic partnership'

Part of £109bn contract

BlackRock has been selected by Lloyds to run £30bn of index strategies for Scottish Widows, part of a £109bn investment contract set to be withdrawn from Standard Life Aberdeen (SLA), as the groups work together on a potential partnership.

In February, Lloyds announced it would withdraw £109bn of assets managed by Standard Life Aberdeen (SLA) for Scottish Widows since 2014 on the grounds of competition between the insurers, with Lloyds giving SLA a 12-month notice period for the termination of current arrangements. However, SLA has challenged this decision and it is now the subject of an independent arbitration process. Earlier this month, it was reported Schroders had emerged as the frontrunner of a group of asset managers bidding for the contract, as it is said to be offering Lloyds a stake in its wealth arm Cazenove ...