Standard Life Aberdeen - Successful outcome to arbitration
Standard Life Aberdeen plc ("Standard Life Aberdeen" or "the Company") announces that the arbitral tribunal established in respect of the dispute between the Company and Lloyds Banking Group / Scottish Widows ("LBG") has ruled in favour of the Company. In particular, the arbitral tribunal has ruled that LBG was not entitled to give notice, on 14 February 2018, to terminate the investment management agreements in respect of assets managed by members of the Standard Life Aberdeen group.
The Company is carefully considering the terms of the decision and appropriate next steps. In the meantime, the Company will continue to manage the assets in the best interests of LBG's customers.
As at 31 December 2018, the value of the assets under management in respect of these arrangements was c£100bn, and no material amount of assets has since been withdrawn.
Keith Skeoch, the Chief Executive of Standard Life Aberdeen, said: "Now that the arbitration panel has ruled in our favour, we will carefully consider our next steps, working constructively with LBG to bring the matter to resolution."