Update on IMAs with Lloyds Banking Group

RNS Number : 2611N

Standard Life Aberdeen plc

08 May 2018

 

Standard Life Aberdeen plc

Update on investment management arrangements with Lloyds Banking Group and Scottish Widows

On 15 February 2018, Standard Life Aberdeen plc ("SLA") announced that Lloyds Banking Group ("LBG") and Scottish Widows had sent SLA a notice on 14 February purporting to terminate the long-term asset management arrangements between them ("IMAs") covering, in aggregate, around £109 billion of assets under management ("AUM") at the end of a 12 month notice period. The annual revenue associated with the AUM (c.£129m**) represents around 4.4% of SLA's FY 2017 pro forma revenue.

SLA has informed LBG that it does not agree that, following the merger of Aberdeen Asset Management PLC and Standard Life plc, SLA was in material competition in the U.K. with LBG and that, therefore, SLA does not consider that LBG, Scottish Widows or their respective affiliates has the right to terminate the IMAs. The parties are engaging with each other within the framework of the dispute resolution process envisaged in the IMAs.

SLA will provide a further update at the appropriate time.

8 May 2018

Contacts:

Media Enquiries

James Thorneley                                                                    [phone]
                       

Graeme McEwan                                                                    [phone]*

Investor Enquiries

Jakub Rosochowski                                                               [phone]*

                                                                                                [phone]

Neil Longair                                                                            [phone]*

                                                                                                [phone]

* Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary.

Standard Life Aberdeen plc LEI: OTMBS544NMO7GLCE7H90

**Based on AuM at 31 December 2017 and SLA group income of £2,928m for 2017.

 

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