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Report: Goldman Sachs bidding for £109B Lloyds contract

Goldman Sachs Group Inc. unit Goldman Sachs Asset Management is bidding for the £109 billion investment management mandate of Lloyds Banking Group PLC after the latter ended its contract with Standard Life Aberdeen PLC, Sky News reported June 4.

BlackRock Inc., JPMorgan Asset Management (UK) Ltd. and Schroders PLC are the other parties participating in the second round of bidding for the deal. A final buyer is expected to be finalized during the summer, according to the report.

Earlier in May, Standard Life Aberdeen said it was in dispute resolution talks with Lloyds Banking Group and unit Scottish Widows Group Ltd. regarding the termination of long-term asset management arrangements between the three parties.