Fund house Schroders has said it "does not comment on market speculation" following reports it had won the mandate to manage £109bn of assets for Lloyds Banking Group.
Schroders was one of four firms, alongside JP Morgan, BlackRock and Goldman Sachs, which bid to run the assets.
Media reports this morning have said Schroders won the right to manage the assets and Lloyds will take some control of the Cazenove wealth management business owned by Schroders.
But Schroders has declined to comment on the truth of these reports.
The assets, which are part of the Scottish Widows business, had originally been managed by Aberdeen Asset Management before it merged with Standard Life.
In February Lloyds Banking Group decided the merger meant its assets were now being managed by a competitor, and removed them from Aberdeen Standard Investments.
Aberdeen Standard continues to dispute the right of Lloyds to remove the assets but FTAdviser understands Lloyds is confident in its legal position.
Aberdeen Standard Investments has said the loss of the investment mandate would not have a material impact on the revenues of its business.
david.thorpe@ft.com
