Standard Life Aberdeen has won a tribunal in which it claimed Lloyds Banking Group was not entitled to give notice to terminate investment management arrangements for a £109bn mandate.
Schroders is set to land the £109bn Scottish Widows mandate as it offers a stake in its wealth arm Cazenove Capital as part of the negotiations, according to reports.
Sterling has fallen on the back of inflation figures released this morning, which show the UK Consumer Price Index (CPI) remained steady at 2.4% in June.
Lloyds Banking Group has sold its remaining stake in Standard Life Aberdeen following a decision to withdraw £109bn of assets managed by the firm for Scottish Widows.
The UK inflation rate remained flat at 3% in January, according to the Office for National Statistics (ONS), beating analysts' expectations of a drop to 2.9%.
Hendrik du Toit, founding CEO of Investec Asset Management, is to become co-CEO of the wider Investec Group from 1 October 2018, as John Green and Mimi Ferrini step up to become joint-CEOs of the asset management business.
Asset managers including JPMorgan Asset Management (JPMAM), BlackRock and Standard Life have backed an initiative set up by the 30% Club to push for a third of FTSE companies to have women on their boards.