© Reuters. FILE PHOTO: The offices of Standard Life Aberdeen in Saint Andrew Square Edinburgh, Scotland

LONDON (Reuters) – Standard Life (LON:) Aberdeen said on Tuesday that a tribunal has ruled in its favor regarding a dispute over an investment contract it had with Lloyds Banking Group (LON:)

The tribunal ruled that the bank was not entitled to give notice to terminate the investment management agreements in respect of around 100 billion pounds ($132.61 billion) in assets managed by Standard Life Aberdeen.

Lloyds had argued that an 11 billion pound merger between fund firms Standard Life and Aberdeen triggered the right to review an agreement struck in 2014 for Aberdeen to manage its pension assets on behalf of its wealth and insurance businesses, because it saw Standard Life as a “material competitor” to both.

Standard Life Aberdeen said it was considering the terms of the decision and appropriate next steps.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

2019-03-19