Lloyds sell SWIP to Aberdeen for 660 million pounds

LONDON, Nov 18 (Reuters) - Lloyds Banking Group PLC hasagreed to sell fund management arm Scottish Widows InvestmentPartnership to Aberdeen Asset Management for around 660million pounds paid mostly in shares.

In a statement on Monday, Lloyds said Aberdeen will pay in132 million shares, or 9.9 percent of the company, worth around560 million pounds.

The deal also includes a further 100 million pounds in cashto be paid over five years depending on the performance of astrategic relationship between the two firms whereby Aberdeenwill manage assets on behalf of the banking group.