Thomson ReutersNovember 18, 2013 04:30
By Chris Vellacott and Matt Scuffham
LONDON (Reuters) - Aberdeen Asset Management <ADN.L> bought Lloyds' <LLOY.L> fund management arm Scottish Widows for about 660 million pounds ($1.1 billion) on Monday, making it Europe's No. 1 listed stand-alone fund manager.
Aberdeen will pay with shares worth about 560 million pounds, or 9.9 percent of the company, Lloyds said, and assets under management will rise to 336 billion from 200 billion. Lloyds has agreed a one-year lock-up on the shareholding.