In a statement issued by the global fund manager yesterday, Aberdeen announced it is making a formal bid for the €159 billion assets under management (AUM) Scottish Widows Investment Partnership (SWIP), currently owned by the Lloyds Banking Group, in a deal that would make it the “largest independent asset management business in Europe, with €393 billion under management”.
The proposal would see Lloyds take a 9.9 per cent shareholding in Aberdeen, which will provide a “valuable platform for a long-term strategic relationship” between the two companies, the statement said.
The managing director of Aberdeen Australia, Brett Jolie, said it was a “positive deal” for the company, with some implications for the asset manager’s Australian business.
“While there will be minimal impact for Aberdeen in Australia in the short term, this transaction should greatly enhance our capabilities and improve diversification in the longer term,” he said.
Global chief executive Martin Gilbert also provided commentary on the deal, stating it would be “significant for the [company’s] long-term prospects” and would open up “new distribution channels”.
“The acquisition of SWIP adds scale to our business across a range of asset classes, and it also introduces a strategic relationship with Lloyds Banking Group,” he said.
“We are confident this transaction will deliver considerable additional value to our expanded client base and this will therefore benefit our shareholders.”
