July 24, 2019 / 6:26 AM / 4 months ago

Lloyds pays SLA 140 mln pounds to settle fund row

July 24 (Reuters) - Standard Life Aberdeen Plc (SLA) will receive 140 million pounds in compensation and continue to manage 35 billion pounds of assets under a settlement of a legal fight with Lloyds Banking Group over a 100 billion pound ($124.43 billion) investment portfolio.

Under terms of the settlement, SLA will manage about one third of the 100 billion pounds of assets under management on behalf of Lloyds entities until at least April 2022, subject to applicable investment management arrangements, SLA said in a statement.

SLA will receive the 140 million pounds from Lloyds upfront to compensate it for loss of profit in relation to its transferral of the remaining assets, it said. ($1 = 0.8037 pounds) (Reporting by Noor Zainab Hussain in Bengaluru)

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