Scottish Widows Investment Partnership, the Edinburgh-based money manager acquired by larger rival Aberdeen Asset Management Plc, said Chief Executive Officer Dean Buckley is leaving the company.
From his office in the shadows of Edinburgh’s medieval castle, Dean Buckley is trying to restore the luster to the 199-year-old Scottish Widows Investment Partnership.
Investors are cooling on sterling corporate bonds as the Bank of England and the European Central Bank prepare to pursue diverging monetary policies.
Lloyds Banking Group Plc, Britain’s biggest mortgage lender, is weighing a sale of its Scottish Widows Investment Partnership unit to boost capital, four people with knowledge of the talks said.
Scottish Widows Investment Partnership, Lloyds Banking Group Plc’s asset-management arm, is trailing U.K. competitors in attracting money from clients as it struggles to improve fund performance.
Aberdeen Asset Management Plc, Europe’s biggest publicly traded money manager, named Siddharth Dahiya as head of emerging-market corporate debt.
Scottish Widows Investment Partnership, one of Edinburgh’s two largest fund companies, lost its emerging-markets team to a smaller rival in the city.
Aberdeen Asset Management Plc agreed to buy Lloyds Banking Group Plc’s Scottish Widows Investment Partnership unit for 560 million pounds ($903 million), a deal that will create Europe’s largest publicly traded money manager.