ABERDEEN Asset Management has paid a £38.3 million top-up to Lloyds Banking Group for the takeover of Scottish Widows Investment Partnership.

The deal, which was valued at £550m, completed in April last year but the deferred payment was due 12 months on.

Aberdeen confirmed through a stock market notification that it has now made the payment in cash.

It said: "The deferred top-up payment was accounted for as a liability on the company's balance sheet, so there is no impact on regulatory capital."