Lloyds Banking Group today announced that it has awarded a £30bn investment contract to BlackRock, the world’s biggest asset manager.
The remaining £80bn of assets are still up for grabs, it added.
Antonio Lorenzo, the chief executive of Scottish Widows, the insurer owned by Lloyds, said BlackRock had been chosen through a competitive tender, “in which it clearly demonstrated its global market leading capabilities and deep expertise in the UK market”.
According to the FT, Aberdeen Asset Management had previously managed the entirety of the mandate for Scottish Widows, but Lloyds decided to pull the contract following the asset manager’s merger with Standard Life last year.
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