SLA tribunal triumph over Lloyds termination of £109bn mandate

Lloyds 'not entitled' to give notice

Standard Life Aberdeen has won a tribunal in which it claimed Lloyds Banking Group was not entitled to give notice to terminate investment management arrangements for a £109bn mandate.

On 14 February 2018, Lloyds announced it had been reviewing its Scottish Widows Wealth business including the legacy assets run by Aberdeen entities, and as a result, it has given Standard Life Aberdeen a 12-month notice period for the termination of the arrangements. Lloyds said the assets were being run by "a material competitor" following the merger of Standard Life and Aberdeen in 2017. The annual revenue associated with the £109bn mandate, around £129m, represented around 4.4% of SLA's 2017 financial year pro forma revenue. However, in May SLA informed Lloyds that "it does not...