A spokesman for Scottish Widows said: “We are disappointed with the decision of the arbitration tribunal, and will look to discuss its outcome with Standard Life Aberdeen. Our strategy remains unchanged, which is to do the right thing for customers. Lloyds Banking Group has failed in an attempt to sack Standard Life Aberdeen (SLA) from a £100bn (€117bn) mandate for its insurance subsidiary Scottish Widows, following a tribunal ruling.It means the planned transferral of assets to BlackRock and Schroders has been delayed while the two parties decide how to conclude the contracts.Lloyds announced its decision to shift the mandate away from SLA a year ago, after deciding that the 2017 merger of Aberdeen Asset Management and Standard Life had meant the money was being run by a direct competitor.SLA disputed the decision and took the case to a tribunal, which this week ruled that Lloyds was “not entitled to give notice” on the relevant investment management agreements. “We will discuss starting the process of an orderly transfer of assets to our new partners BlackRock and Schroders. We will continue to work closely with Standard Life Aberdeen to ensure there is no disruption to performance or service.”SLA said it was “carefully considering the terms of the decision and appropriate next steps” but would continue to run the assets in the meantime.Keith Skeoch, 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.”Scottish Widows had already appointed BlackRock to run a £30bn slice of the mandate in October, to be allocated across a range of index funds.Schroders was granted the remaining £80bn as part of a strategic partnership with Scottish Widows to set up a wealth management and financial planning business.
Photo © Pixabay Ireland’s under 17 side begin their European Championship campaign in Croatia this afternoon when they face Serbia.Kick off is at 3.30pm.The tournament also acts as qualifier for the World cup later this year. There’s one game already on in Ireland’s group and at present Germany lead Bosnia & Herzegovina 4-0.
Liverpool will begin the defense of their Premier League title against newly promoted Leeds United.The fixtures for the 2020/21 Premier League campaign were released by the Premier League on Thursday.Other first round fixtures will see FA Cup holders Arsenal, start off their campaign in a London derby against another newly promoted side, Fulham, at Craven Cottage.Jose Mourinho’s Tottenham Hotspurs will start at home against Carlo Ancelotti’s Everton, while Chelsea will travel to Brighton on the opening day.Manchester United and Manchester City have had their opening day fixtures postponed due to their extended runs in Europe.Below is the full round of fixtures for the openSaturday 12 SeptemberCrystal Palace v SouthamptonFulham v ArsenalLiverpool v Leeds UnitedSpurs v EvertonWest Brom v Leicester CityWest Ham v Newcastle UnitedMonday 14 September Brighton v ChelseaSheffield United v Wolves