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FCA approves Aberdeen/Swip deal as Gilbert salutes ‘far stronger’ group

by Robert St George on Mar 20, 2014 at 14:56

FCA approves Aberdeen/Swip deal as Gilbert salutes ‘far stronger’ group

The Financial Conduct Authority (FCA) has granted Aberdeen Asset Management permission to buy Scottish Widows Investment Partnership (Swip).

The deal was announced in November last year, and Aberdeen now expects to complete the transaction following the close of business on 31 March 2014.

‘I am delighted that we have obtained regulatory approval for the acquisition of Swip,’ said Martin Gilbert, chief executive of Aberdeen Asset Management. ‘We will continue to work closely with Swip and Lloyds Banking Group to ensure a smooth completion process.’

Aberdeen has paid approximately £550 million to buy Swip, with the possibility of a further performance-related five-year earn-out payment of up to £100 million dependent on growth from the strategic relationship with Lloyds in the Investment Solutions business.

Gilbert (pictured) continued: ‘The way we have already worked together to develop a structured integration plan is very encouraging and means that the migration process will begin very shortly after completion.

‘This co-operation confirms my belief that the combination of the two businesses and our strategic relationship with Lloyds will be of great long-term benefit to our shareholders and clients, whom I would like to thank for their continued support throughout this process. Everyone at Aberdeen is looking forward to working with our new colleagues from Swip.’

Swip will swell Aberdeen’s assets by around £136 billion, providing annualised revenues of approximately £234 million.

The Aberdeen boss concluded: ‘The combined business will have a far stronger and more diverse range of investment management skills as well as significant scale across asset classes and geographies, which will enable us to deliver an even better service for our enlarged client base.

‘This includes investors who will benefit from yesterday’s Budget announcement giving them more freedom to invest their pension pots when they retire.’

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How is regulation feeding the outsourcing trend?

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