Lloyds and Schroders in multibillion-pound wealth management deal
The joint venture will offer a personalised service focused on affluent customers
London — Lloyds Banking Group and Schroders said on Tuesday they had struck a multibillion-pound wealth management deal aimed at changing the way Britons save and invest. Schroders, Britain’s second largest listed fund management group by assets under management, and Lloyds, its biggest retail lender, said they would launch a financial planning joint venture after confirming earlier this month they were in talks. The deal, the highest profile of its kind between a British bank and fund manager, combines Schroders’ investment offering with Lloyds’ 27 million-strong customer base and wide distribution network. It revives a traditional partnership model between banks and insurers that has dominated in mainland Europe for decades. “The aim is to become a top three UK financial planning business within five years,” said Antonio Lorenzo, director of insurance and wealth at Lloyds and chief executive of its subsidiary Scottish Widows.
The bank launched a renewed push into insurance a...
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