(Bloomberg) -- BlackRock Inc. won a mandate to manage 30 billion pounds ($40 billion) of assets owned by Lloyds Banking Group, the latest twist in a hotly contested battle to win a slice of 109 billion pounds that Schroders Plc is also vying for.
- Statement from Lloyds suggests more collaboration to come with the world’s biggest money manager, whose products span the gamut from alternative investments to risk management systems for managing assets.
- Deal means the Scottish Widows assets that had been overseen by Aberdeen Asset Management will be handed over to more than one manager.
- Schroders had been considered the front runner to win the mandate. It remains to be seen how the remainder of the assets will be distributed. Lloyds confirmed talks with Schroders in a deal that may include wealth management.
- BlackRock was selected after a competitive tender process, Lloyds says. Group is near to finalizing arrangements with respect to the remaining 80 billion pounds of assets.
- Lloyds decided to take the mandate away from Aberdeen after it merged with Standard Life Plc, citing competition concerns.
- Schroders fell 4.1 percent to the lowest level since December 2016 on Thursday. The shares were little changed Friday.
To contact the reporter on this story: Ross Larsen in Rome at firstname.lastname@example.org
To contact the editors responsible for this story: Sree Vidya Bhaktavatsalam at email@example.com, Andrew Blackman
©2018 Bloomberg L.P.