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Three fund giants tussle for £109bn Scot Widows mandate

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Three fund giants tussle for £109bn Scot Widows mandate

Competition for the £109 billion Scottish Widows mandate withdrawn from Aberdeen Standard Life this year is heating up with three major fund houses through to a final round. 

JPMorgan Asset Management, Schroders and BlackRock are in a three-way race for the contract.

Scottish Widows parent Lloyds Banking Group chief executive George Culmer said on Wednesday that the bank had moved to a fresh round of offers, according to a report in the Financial Times.

Standard Life Aberdeen (SLA) had managed the mandate since 2014, but Lloyds pulled the contract in February over competition concerns.

SLA is now on a 12 month notice period and will be given a chance to bid for the mandate, although it was not a part of the latest round of negotiations.

Standard Life Aberdeen, which manages £655 billion including the Scottish Widows business, said: ‘We do not believe we are in material competition.’

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