Jobs fears as AAM takes over Scottish Widows arm

Scottish Widows. Picture: Comp

Scottish Widows. Picture: Comp

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THERE are fears jobs could be lost at Edinburgh-based Scottish Widows Investment Partnership following its takeover by financial giant Aberdeen Asset Management.

SWIP employs around 500 staff in the Capital, including 150 fund managers.

But the sale is seen as a significant boost to Edinburgh as a financial centre. The merged company will have around £200 billion worth of assets managed from here, although the firm’s headquarters will remain in Aberdeen.

SWIP was part of the Lloyds Banking Group, which is sellsing off assets to shore up its balance sheet and focus on its UK retail and commercial banking businesses.

The group, which is 32 per cent owned by the taxpayer, will continue to own Scottish Widows, the group’s life, pensions and investment business.

Aberdeen Asset Management fought off competition from other possible bidders, including Australian investment bank Macquarie, to secure the deal that will see it overtake Schroders as Europe’s biggest investment house.