Aberdeen Asset Management will pay nearly £40 million extra to Lloyds Banking Group for the purchase of Scottish Widows Investment Partnership to top up its bid back to the £550 million agreed, after a decline in its share price since the deal was struck in November.

When the deal was announced last year, the fund manager's acquisition of Swip was to be funded by 131.8 million new Aberdeen shares, or roughly a 9.9% stake in the group, based on a 420p-per-share reference price. A clause stated that Aberdeen would pay an extra sum in cash or shares if its share price was below the reference level for five trading days before the completion of the deal.