Lloyds Banking Group has handed BlackRock, the world's largest asset manager, a slice of the £109bn mandate it is in the process of pulling from Standard Life Aberdeen.

The UK banking group announced on Friday that US-headquartered BlackRock will manage £30bn worth of index strategies on behalf of its Scottish Widows division. The transfer will happen once an ongoing legal dispute with SLA has completed, or when the existing contract expires in February 2019.