BlackRock awarded £30 billion investment contract by Lloyds

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(qlmbusinessnews.com via uk.reuters.com — Fri, 12th Oct, 2018) London, UK —

Lloyds said the money awarded to BlackRock would be invested in index strategies and, in addition, it would look to agree a strategic partnership to collaborate in alternative asset classes, risk management and investment technology.

The assets form part of a 110 billion pounds mandate that is currently managed by Standard Life Aberdeen (SLA) (SLA.L) and subject to arbitration after Lloyds said in February it would terminate the deal.

Lloyds said the BlackRock deal would begin after the arbitration process concludes or when the existing contract expires, and it was confident in its right to end the deal with SLA.

The group said, after a review by Scottish Widows and Lloyds’ wealth unit of their asset management arrangements, that it was near to announcing plans for a further 80 billion pounds in assets and would update the market in due co

By Simon Jessop