Scottish Widows announces that BlackRock has been selected to manage £30bn of assets in index strategies, following the review by Scottish Widows and Lloyds Banking Group's Wealth business of their asset management arrangements.

The management of the assets will commence upon conclusion of the current arbitration process with Standard Life Aberdeen or when the existing contract expires. Lloyds Banking Group remains confident in its rights to terminate the current asset management agreements and expects the arbitration process to conclude early next year.

In addition to the £30bn mandate, the Group is pursuing a strategic partnership with BlackRock including collaboration in alternative asset classes, risk management and investment technology.

Commenting on the announcement, Antonio Lorenzo, Chief Executive of Scottish Widows and Group Director of Insurance & Wealth, said: 'BlackRock has been selected following a competitive tender process in which it clearly demonstrated its global market leading capabilities and deep expertise in the UK market. The partnership will ensure that Scottish Widows and the Group can deliver good investment outcomes for its customers over the coming years.'

The Group is also near to finalising arrangements in respect of the remaining £80bn of assets that are within the scope of the asset management review, and will provide an update in due course.

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Lloyds Banking Group plc published this content on 12 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 12 October 2018 08:27:17 UTC