The Financial Conduct Authority (FCA) has granted Aberdeen Asset Management approval to purchase Lloyds Banking Group’s fund management arm Scottish Widows Investment Partnership (SWIP).
The transaction is expected to complete following close of business on 31 March 2014.
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The deal was announced in November last year in which Aberdeen agreed to buy Scottish Widows for about £660 million (US$1.10 billion).
Martin Gilbert, CEO of Aberdeen Asset Management, said: "I am delighted that we have obtained regulatory approval for the acquisition of SWIP. We will continue to work closely with SWIP and Lloyds Banking Group to ensure a smooth completion process.
"The deal combines and broadens the investment capabilities of both businesses. The combined business will have a far stronger and more diverse range of investment management skills as well as significant scale across asset classes and geographies, which will enable us to deliver an even better service for our enlarged client base.
"This includes investors who will benefit from yesterday’s Budget announcement giving them more freedom to invest their pension pots when they retire."
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