Lloyds Banking Group has taken on full ownership of Schroders Personal Wealth.
This morning (October 9) it was announced Lloyds has acquired the remaining 49.9 per cent of share capital from Schroders in what was a joint venture, set up in 2019.
In exchange, Schroders has acquired the 19.1 per cent stake in Cazenove Capital, thereby re-establishing full ownership.
Both parties said it was “the right time” for SPW to transition fully to Lloyds.
Schroders will continue to manage and grow SPW’s customer assets and manage the Scottish Widows mandates as part of a new multi-year agreement.
Schroders and Lloyds team up for advice partnership
In addition, Lloyds will continue to partner with Cazenove Capital to offer its services to Lloyds’ high-net-worth customers.
Oliver Gregson, CEO of Schroders Wealth Management said: “Today’s announcement represents a meaningful step in reshaping our business and focusing on delivering our strategic ambition, building the wealth management business of the future – one that is modern, global, collaborative and truly client-led.
“This evolved partnership with Lloyds enables us to focus on where we can deliver the greatest value – driving growth, improving client outcomes, and elevating the experience for our clients.
“Guided by our unifying values of excellence, innovation, teamwork, passion, and integrity, we are focused on more than wealth management – we are committed to forging lasting partnerships that empower clients and give them the freedom to focus on what matters most to them.”
Johanna Kyrklund, group chief investment officer at Schroders, said: “As SPW’s client base continues to grow, so does our responsibility to deliver consistent, long-term investment performance.
“Our extended investment agreement to manage the SPW and Scottish Widows assets, alongside our ongoing referral arrangement with Lloyds, reinforces our position as a trusted partner – helping more people across the UK grow and preserve their wealth.”
SPW was created in 2019 to provide financial advice to Lloyds’ significant retail customer base, deploying Schroders’ investment expertise and technology capabilities.
Today, it provides accessible and affordable financial advice to approximately 60,000 clients and has assets under management of £16.1bn.
