richfool wrote:Thanks for that link Ian. I heard similar on Bloomberg this morning. So I interpret the RNS to indicate that under the terms of the settlement:
· The SLA Group will continue to manage approximately one third of the total AUM (circa £35 billion as at 30 June 2019) on behalf of LBG entities until at least April 2022
· Approximately two thirds of the total AUM (the "Transferring AUM") will be transferred to third-party managers appointed by LBG through a series of planned tranches over the next nine months. During this period, the SLA Group will continue to be remunerated for its services in relation to the Transferring AUM.
· In addition, the SLA Group will receive an upfront payment of £140 million from LBG as final settlement to compensate for loss of profit in relation to the Transferring AUM.
You’re welcome. I clocked it on Bloomberg too. As for the above, that’s how I read it too. I hold but am not planning to top up any time soon.
Ian.