Competition for the £109 billion Scottish Widows mandate withdrawn from Aberdeen Standard Life this year is heating up with three major fund houses through to a final round.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