LONDON: Lloyds Banking Group has awarded BlackRock a £30bil (US$40bil) slice of one of Europe’s biggest investment contracts to be invested using the US company’s various index strategies. The award to the world’s biggest asset manager follows a high-profile bidding competition kick-started early this year after Lloyds said it was yanking £109bil in assets from current manager Standard Life Aberdeen. That surprise move followed the £11bil merger of original manager Aberdeen Asset Management and insurer Standard Life, which Lloyds said made the combined company a material competitor – a charge SLA is currently fighting. Lloyds yesterday said that it would also look to agree a strategic partnership with BlackRock to collaborate in alternative asset classes, risk management and investment technology. “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,” Antonio Lorenzo, chief executive of Scottish Widows and group director of insurance and wealth, said in a statement.

Source: thestar October 12, 2018 23:37 UTC