Lloyds grants BlackRock with £30bn investment contract

By Bruno Reis

Scottish Widows, the subsidiary of Lloyds Banking Group, has revealed it has granted a £30bn (US$39.7bn) investment contract to BlackRock.

BlackRock is the largest asset manager in the world, headquartered in New York City.

The firm will be responsible for running £30bn of index strategies for the bank’s insurance and pensions unit.

“BlackRock has been selected following a competitive tender process in which it clearly demonstrated its global market leading capabilities and deep expertise in the UK market,” stated Antonio Lorenzo, CEO of Scottish Widows and Grouo Director of Insurance and Wealth.

SEE ALSO:

“The partnership will ensure that Scottish Widows and the group can deliver good investment outcomes for its customers over the coming years.”

Schroders, JP Morgan, BlackRock, and Goldman Sachs all placed bids to manage the assets.

The deal is part of Lloyds’ investment in Scottish Widows – in February the bank withdrew £109bn (US$144bn) from Aberdeen Standard Investments to put into Scottish Widows.

The money was transferred due to Lloyds' concerns that Standard Life was a competitor to Scottish Widow.

The bank is also aiming to establish a strategic partnership with BlackRock, including alternative assets classes, risk management, and investment technology collaborations.

Share

Featured Articles

Musk’s multibillion hostile Twitter takeover – the timeline

As billionaire entrepreneur Elon Musk buys Twitter for US$44bn, we draw up a timeline, from the buying of shares to the critical tweets and unsolicited bid

Sustainable moves businesses can make to win customers, IBM

With half of consumers saying environmental sustainability is more important today than a year ago, businesses should up their eco action, says IBM report

Banks and consultancies top workplaces to grow career in UK

Financial and professional services firms rank highest in LinkedIn Top 25 best workplaces list – from Barclays, Lloyds and HSBC, to PwC, Deloitte and EY

Top 10 women in technology in Europe

Leadership & Strategy

The value of ESG links sustainability to business returns

Sustainability

Top 10 European football clubs by revenue 2022 – Deloitte

Corporate Finance