Lloyds Bank’s decision over who will be appointed to run the £109 billion Scottish Widows Investment Partnership (Swip) mandate is imminent with the bank indicating an announcement will come ‘at the end of the summer’.
In February Lloyds announced it was dropping asset manager Standard Life Aberdeen (SLA) from running its Scottish Widows workplace pension Swip mandate, saying SLA was now a ‘material competitor’ following the merger of insurer Standard Life with Aberdeen Asset Management.
A parade for which asset managers will be chosen to run the mandate followed, with Bloomberg reporting in July that BlackRock and Schroders are the frontrunners to take over the pension money.
Following Lloyds’ half-year results earlier this month, its chief financial officer George Culmer said a decision will be announced ‘at the end of summer’ which could mean an announcement next month.
In March SLA announced it was challenging Lloyds’ decision to take the assets, which contributed £129 million to its revenue in 2017, away from it.
New Model Adviser® revealed earlier this month that Lloyds is planning on launching a direct-to-consumer platform, which will use BlackRock funds.