Aberdeen Asset Management has completed the acquisition of Scottish Widows Investment Partnership (SWIP) from Lloyds Banking Group.
The addition of SWIP’s approximately €167 billion of asset under management will result in Aberdeen becoming the leading European independent asset management business with €393 billion under management. The acquisition combines Aberdeen and Swip’s strengths across fixed income, real estate, active and quantitative equities, investment solutions and alternatives.
The acquisition in exchange for a 9.9% shareholding in Aberdeen and potential top-up payment of £100 million (valued in total at around £550 million) also provides a valuable platform for a long-term strategic relationship with Lloyds across its Wealth, Insurance, Commercial Banking and Retail businesses.
Commenting on the completion, Martin Gilbert, Chief Executive of Aberdeen said: “We are pleased to have completed this important acquisition as planned and on schedule, so that we can now commence the task of integrating SWIP into the enlarged Aberdeen Asset Management Group. We will immediately begin a structured migration of funds and platforms, whilst continuing to deliver an excellent investment performance for both existing and new clients.
"The enlarged group is well placed to meet the needs of a diverse range of investors with a broad range of capabilities across both geographies and asset classes. We look forward to developing our new strategic relationship with Lloyds and, on behalf of everyone at Aberdeen, I would like to welcome our new colleagues from SWIP into the Group."