Lloyd sign
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Aberdeen Asset Management becomes largest fund manager

Lloyds Banking Group is to sell off its investment arm, Scottish Widows.

The deal, for an initial £560 million, will make Aberdeen Asset Management the largest listed fund manager in Europe, managing £350 billion.

Martin Gilbert, the firm's Chief Executive, told BBC Radio 5 live's Breakfast: "It does help to be big and profitable."

"We want to do a better job for our customers... by combining two strong asset managers with complimentary strengths and creating a business that can compete with the US giants in the industry."

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