Why a Fund Giant Set the Lawyers on a Client

When Lloyds Banking Group Plc announced that its Scottish Widows unit was pulling 109 billion pounds ($147 billion) of assets from Standard Life Aberdeen Plc, the fund manager was quick to downplay the financial significance of the withdrawal. Because in asset management, size matters more than anything else. SLA said on Tuesday it disagrees with Lloyds's February interpretation that the two companies are in "material competition," the reason the British bank gave for terminating the agreement.