Aberdeen Asset Management acquires SWIP in £550m deal

first_imgMartin Gilbert, chief executive at Aberdeen AM, said the firm was “confident” the transaction would deliver considerable additional value to the company’s shareholders and client base.“This transaction is significant for the long-term prospects of Aberdeen in a number of ways,” he said. “It strengthens our investment capabilities and adds new distribution channels; the acquisition of SWIP adds scale to our business across a range of asset classes; and it also introduces a strategic relationship with Lloyds Banking Group.”Lloyds has agreed to hold all of the new 131.8m shares issued by Aberdeen AM for 12 months and is committed to retaining two-thirds of its stake for two years.Three years after the deal has finalised, it will be allowed to sell down all but one-third of its total stake.Aberdeen added that the acquisition of SWIP’s private equity and infrastructure businesses would be independent of the remainder of the deal, and that failure of them to complete would see a reduction in the £550m consideration.As part of the agreement, Lloyds and Aberdeen have agreed to a “comprehensive strategic relationship” that will see the businesses work together with Lloyds Wealth, Insurance and both commercial and retail banking businesses. Aberdeen Asset Management is to acquire Scottish Widows Investment Partnership (SWIP) in a £550m (€657m) deal that will also see it partner with one of the UK’s largest banking groups’ wealth businesses.The agreement, subject to regulatory approval, will see Aberdeen AM’s assets under management grow by more than £130bn, the company said, highlighting that SWIP’s acquisition would enhance its fixed income and property divisions.Lloyds Banking Group will take a 9.9% stake in Aberdeen AM as part of the deal, accounting for the £550m cost based on the latter’s share price of £4.20 – below the £4.27 closing price last Friday.The asset manager’s shares opened at £4.79 on the London Stock Exchange on Monday morning, rising to £4.91 by mid-day local time.last_img read more

Stekelenburg howler saves Baggies

first_img The visitors appeared poised to finally lift themselves off the foot of the Barclays Premier League on the back of Ashkan Dejagah’s first-half strike at The Hawthorns. But, just four minutes from time, Stekelenburg fluffed a 10-yard drive from 75th-minute substitute Matej Vydra. The home side were fortunate not to find themselves a goal down in the 22nd minute, Steve Sidwell side-footing over a simple chance following a right-wing cross from Dejagah. On the counter-attack, Albion conjured what proved to be their only chance of a lacklustre half, although it should have resulted in a goal. Playing a one-two in a swift move with Morgan Amalfitano, on-loan striker Thievy Bifouma rattled a 16-yard effort against the advancing Stekelenburg. Five minutes later Fulham duly grabbed the goal worthy of their performance, instigated by a superb first-time cross on the turn from former Albion winger Kieran Richardson. Holtby’s swing and a miss was instantly forgotten as Dejagah took one touch before incisively rifling a low right-footed shot into the bottom-right corner between defenders Jonas Olsson and Liam Ridgewell. The celebrations that followed Iran international Dejagah’s third goal of the season were telling as a number of Fulham players ran to the touchline to celebrate with the backroom staff. As for Magath, he simply rose from his seat and gave Holtby further instructions, the 23-year-old previously having worked with him at one of his eight German clubs, Schalke. It was a lead that was almost doubled four minutes before the break, only for Foster to superbly turn aside a 20-yard half-volley from Hugo Rodallega. Via a couple of changes – Victor Anichebe on for an injured Billy Jones just before the interval and Zoltan Gera for Bifouma at the break – the momentum of the game switched markedly in Albion’s direction. It required Stekelenburg to keep the Cottagers ahead, initially at full stretch in palming away a bouncing Chris Brunt drive, and then to stop a slightly deflected effort from James Morrison. In between those two chances, Magath handed Greece striker Kostas Mitroglou his debut following his £12million arrival from Olympiacos on deadline day, but he was hardly noticeable. After Saido Berahino curled a right-footed shot wide from 20 yards, Gareth McAuley then headed a Brunt corner past the post. With Albion pressing, Vydra finally conjured the equaliser, and there could have been a winner in stoppage time, only for Stekelenburg to redeem himself with a stunning save to deny Brunt. Press Association Despite the Dutchman’s strenuous efforts to stop the ball crossing the line, referee Mike Dean was aided by the goal decision system, handing Albion their fourth consecutive home draw under new manager Pepe Mel after going behind. But it is now six matches without a win for Mel, who has seen his side come from a goal down against Everton, Liverpool, Chelsea and now Fulham, but the Spaniard will know draws are not going to keep the Baggies in the top flight. As for Magath, the 60-year-old – the first German to manage in the Premier League – had seen Stekelenburg produce a number of superb saves to keep Fulham in front after the break, only to suffer the late heartbreak that kept the Cottagers rooted at the bottom. As opening 45 minutes go for a new manager, though, Magath could not have asked for too much more from his players – certainly not in terms of work ethic. Fulham deservedly led at the break courtesy of a fine strike from Dejagah, and could have added more but for some wayward finishing and a couple of excellent saves from Ben Foster. Inside two minutes John Heitinga headed inches over from Lewis Holtby’s left-wing ball and the on-loan Tottenham midfielder fired a left-footed shot narrowly wide five minutes later. Those two early chances should have served as a wake-up call for Albion, but instead there was a degree of lethargy from Mel’s team. After a six-day break in Jerez since their last encounter, when they held Chelsea, it appeared as if some of Mel’s players still had their minds on southern Spain. Fulham goalkeeper Maarten Stekelenburg’s late howler gifted West Brom a deserved 1-1 draw and denied Felix Magath the perfect start to his reign as Cottagers manager.last_img read more

Fast reaction: 3 takeaways from Syracuse’s 59-45 win over Pittsburgh

first_imgAfter going into double overtime with then-No. 23 Florida State in its last matchup, Syracuse (13-6, 2-4 Atlantic Coast) struggled to get much going early against Pittsburgh (8-11, 0-6). The teams combined to shoot just 38 percent in the first half as the Orange went into the break with a five-point advantage. Syracuse eventually managed to pull away late for a 59-45 win to snap its four-game losing streak.  Here are three reactions from the game.Feel it stillTyus Battle played a season-high 50 minutes in the Orange’s loss to the Seminoles. The game actually pushed his minutes per game average in ACC play to 41.2 — more than the standard 40-minute game.TV broadcasts claimed that Battle was under the weather heading into the game. Either way, Battle was noticeably a bit weaker to start Tuesday‘s game.AdvertisementThis is placeholder textOn one play he made a move to drive baseline, but his floater weakly fell off the side of the backboard, not even reaching the rim. Later, he had a wide-open look from deep. His 3-point attempt was on line but not strong enough, barely grazing the front of the rim and falling straight down. He missed his first six shots of the game and entered the break with just four points.Halftime seemed to get Battle a little bit back on track. He was five-of-eight from the field and scored seven points in the frame. His 3-pointer out of the under-eight media timeout seemed to inject life in the Orange, which went on to open up a 10-point edge.How longFreshman Panthers guard Parker Stewart came into the game averaging just 7.4 points per game, the fifth-highest mark on the team. He’d hit 30 3-pointers in 18 games, shooting at a 36 percent clip.Stewart hit two 3-pointers within the first five minutes of the game. By the end of the night, Stewart accounted for more than half of Pitt’s offense by himself, as he knocked down seven 3-pointers and had 23 points, both career highs.Although Syracuse has been solid on defense for most of the season, this was the third time that one player has made at seven 3-pointers in a game against the Orange.New rulesThrough the first four games of ACC play, freshman point guard Howard Washington was averaging two minutes per game. It seemed like his only way on the floor was to provide a very quick breather to Howard or Battle, or if either one was in foul trouble.But against FSU he played a career-high 24 minutes and Syracuse deployed its three-guard lineup for a good chunk of the first half.On Tuesday, Washington again checked into the game early in the first half, replacing Tyus Battle who sat for a few minutes. When Battle came back, Washington stayed on, with SU again giving its three-guard lineup a look.The Orange scored five quick points when Washington was in, and the Buffalo native added two steals. But the offense stalled with the three-guard lineup in, scoring no points. On one play, it appeared that both Howard and SU head coach Jim Boeheim were frustrated with Oshae Brissett not getting into the high post properly.Washington was subbed out with 7:22 left in the first half and didn’t play the rest of the game. Comments Facebook Twitter Google+ Published on January 16, 2018 at 11:09 pm Contact Tomer: tdlanger@syr.edu | @tomer_langerlast_img read more