Reuters reports that Lloyds Banking Group, owner of Scottish Widows, has cancelled its asset £100 billion management contract with Standard Life Aberdeen because the latter’s merger last year has created competition issues. Joint CEOs Martin Gilbert and Keith Skeoch said they were disappointed and that their firm will need to take a one-off £40 million impairment charge. It is estimated that the bank’s funds are roughly 5 per cent of total funds under their management.
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