Schroders and Lloyds Banking Group have confirmed they are in discussions over plans to take on the UK wealth space, which could include merging Lloyds' £13bn wealth arm into a new joint venture, according to reports.
Sky News reported over the weekend that Lloyds is looking at merging its wealth management arm into a new joint venture (JV) with Schroders, targeting the mass market. This deal would see Lloyds owning 50.1% of the new JV, with Schroders owning the remainder, according to a source. Meanwhile, as reported last week by the Financial Times, Schroders would also take on the £109bn investment management contract from Lloyds-owned Scottish Widows, which is currently run by Standard Life Aberdeen. Lloyds gave notice to terminate the contract earlier this year and the dispute between the...
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