Lloyds Banking Group to sell SWIP to Aberdeen Asset Management
After much press speculation, Lloyds Banking Group finally announced that it has agreed to sell SWIP to Aberdeen Asset Management. The deal is expected to conclude by the end of the first quarter of 2014, subject to regulatory approval. Sources at SWIP confirm that having conducted a strategic review of investment management activities, the Group has concluded that another owner would be better able to develop and commercialise further the strong capabilities that exist within SWIP. The sale is expected to result in a stronger asset management business for SWIP’s clients, including TU Fund Mangers Ltd, combining Aberdeen and SWIP’s strengths across fixed income, real estate, active and quantitative equities,