Lloyds Sells Entire Standard Life Aberdeen Stake Amid Tussle

Lloyds Banking Group Plc sold its remaining 3.3 percent stake in Standard Life Aberdeen Plc, the money manager with which it’s locked in arbitration over a large asset management mandate. Aberdeen and Standard Life merged last year with the intention of creating a $1 trillion money manager, a plan that’s been dealt a significant blow by Lloyds’s decision to pull money from the firm. Lloyds is withdrawing 109 billion pounds because it claims that the merger created a competitor to the lender’s own insurance unit.