Scottish Widows executives leave after Aberdeen takeover

LONDON, April 28 Mon Apr 28, 2014 10:51am EDT

LONDON, April 28 (Reuters) - Investment manager Aberdeen Asset Management said the head of the Scottish Widows funds business it recently bought from Lloyds Banking Group was leaving as part of the unit's absorption into its new owner.

Aberdeen said on Monday that Dean Buckley, chief executive of Scottish Widows Investment Partnership (SWIP), leaves along with Lynda Shillaw, who was director of real estate, Mark Connolly, director of Fixed Income and Will Low, who was director of global equities.

Aberdeen struck a deal in November to buy SWIP for about 660 million pounds ($1.11 billion), creating Europe's biggest listed standalone fund manager. In late March it received regulatory clearance for the deal, which completed on April 1.

In the combined group, the equities, fixed-income and property businesses will continue to be managed by Aberdeen's Hugh Young, Brad Crombie and Pertti Vanhanen.

Aberdeen also said it was making its alternatives arm, which manages holdings in hedge funds, private equity, infrastructure and property, into a standalone division led by Andrew McCaffery.

The move separates the alternatives division from Aberdeen Solutions, which will now be run by SWIP's Archie Struthers.

Aberdeen is also creating a quantitative investments unit led by SWIP's Sean Phayre. ($1 = 0.5948 British Pounds) (Reporting by Chris Vellacott; Editing by Erica Billingham)

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