Standard Life Aberdeen

Ticker SLA

Today's data summary

Market closed
% change
-0.55%
Price Pence
271.90
Change
-1.50
As of 21:44 16 Jun 2019
Market cap. Pound sterling
6,583.36 million
As of 21:44 16 Jun 2019

Latest updates

FTSE 100 extends gains

The FTSE 100 has extended earlier gains but only just, and is now up 0.37% at 7,212.17.

Standard Life Aberdeen, the fund management group, is leading the blue chip risers, up 2.2% at 270.75p.

National Grid is the biggest faller, with its share price down 4% at 782.8p.

The FTSE 250 is up 0.75% at 19,087.54. Construction group Kier's share price has gained 9.1% at 284p. Metro Bank dominates the largest losers, down 6.3% at 725.75p.

Lloyds 'disappointed' by Standard Life Aberdeen ruling

Head quarters building in Edinburgh
Scottish Widows
Scottish Widows is owned by Lloyds Banking Group and based in Edinburgh

Scottish Widows, part of Lloyds Banking Group, has responded to that news we reported earlier about Standard Life Aberdeen winning a tribunal in a dispute with the bank.

A spokesperson 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. 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.”

Standard Life Aberdeen wins ruling over Lloyds' £109m

logo
Standard Life Aberdeen

Last year Lloyds Banking Group said it would take a £109m investment from Standard Life Aberdeen saying that it regarded the combined business as a competitor to its investment division.

But Standard Life Aberdeen says an arbitral tribunal has ruled that the bank 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 Standard Life Aberdeen group.

The fund manager said it was "carefully considering" the terms of the decision and appropriate next steps.

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."

Standard Life Aberdeen ditches co-chief executives

Standard Life Aberdeen is ending its co-chief executive structure from today.

Keith Skeoch will be sole chief executive.

Martin Gilbert will be Vice Chairman of Standard Life Aberdeen, Chairman of Aberdeen Standard Investments and remain an director on the Board.

The structure was introduced when the two companies merged in 2017.

New chairman, Sir Douglas Flint, said: "A great deal has been achieved by both Martin and Keith to drive the business forward, and leave us well-placed for the future. The changes that we have announced today have the unanimous backing of the Board. The new structure will strengthen our client focus, simplify reporting lines and facilitate robust execution of the next stages of our transition and transformation programmes".

London movers

pound coins
Getty Images

Shares in Metro Bank have lost another 11% and are now at record lows in the continued fall-out from last week's trading update.

In the FTSE 100 index, Standard Life Aberdeen was down 5% while Unilever, which is stock piling for Brexit, was off 2%.

But drinks company Diageo, which is close to record highs and reported results earlier, ended the day almost 5% higher as did Shell, which also reported results, and rose nearly 4%.

Lloyds links with Schroders

Lloyds Bank
Reuters

Lloyds Banking Group has confirmed that fund manager Schroders will look after £80bn of investments.

The bank had announced in February that it planned to remove £109bn from Standard Life Aberdeen.

Some £30bn has already been awarded to American-based asset managing giant BlackRock. At the time it had been expected that the remainder would be placed with Schroders.

Lloyds and Schroders said they will also set up a new joint venture for "affluent customers" with the ambition of being in the top three for financial planning within five years.

FTSE 100 up almost 1%

FTSE 100 graph
BBC

The FTSE 100 is up 65 points, or 0.9%, at 7,499.

Smurfit Kappa is up 2.49% while Standard Life Aberdeen has climbed 1.77%.

The water companies are leading the losers, after publishing their business plans for the next five years. United Utilities is down 1.02% while Severn Trent has fallen 0.7%.

FTSE 100 slips below 7,600

FTSE 100 chart
BBC

The Blue chip index has slipped below 7600 and, despite bouncing back slightly, looks set to end the day in negative territory.

It's down 24 points, or 0.32%, at 7,592.88.

Royal Mail is the biggest faller, down 3.00%, followed by Standard Life Aberdeen, down 2.55%.