Standard Life Says In Contact With Lloyds Banking, Scottish Widows On IMAs

(RTTNews) - British insurer Standard Life plc (SL.L) has issued an update on investment management arrangements or IMAs with Lloyds Banking Group or LBG and Scottish Widows.

On 15 February 2018, Standard Life Aberdeen plc or SLA announced that Lloyds Banking Group and Scottish Widows had sent the company a notice intending to terminate the long-term asset management arrangements between them covering, in aggregate, around 109 billion pounds of assets under management or AUM at the end of a 12 month notice period.

The annual revenue associated with the AUM of about 129 million pounds represents around 4.4 percent of SLA's FY 2017 pro forma revenue.

However, 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. 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.