An arbitral tribunal established in respect of the dispute between the Standard Life Aberdeen (“SLA”) and Lloyds Banking Group / Scottish Widows ("LBG") has ruled in favour of SLA. In particular, the tribunal 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 SLA group. As at 31 December 2018, the value of the assets under management in respect of these arrangements was c. £100bn.
SLA is now considering the terms of the decision and appropriate next steps, and in the meantime will continue to manage the assets in the best interests of LBG's customers.
Steven Elliott QC and Mehdi Baiou acted for Standard Life Aberdeen plc, instructed by Slaughter and May.