Schroders and Lloyds unveil wealth management JV; James Rainbow appointed CEO of new partnership

Aiming to be top three UK financial planner

Tom Eckett
 Schroders' CEO Peter Harrison

Schroders' CEO Peter Harrison

Schroders and Lloyds have confirmed the launch a wealth management strategic partnership in 2019 - with Schroders running £80bn of the Scottish Widows mandate cancelled with current manager Standard Life Aberdeen - as James Rainbow, co-head of UK intermediary at Schroders, is appointed chief executive of the joint venture.

In an announcement to the stock exchange, the groups said they are entering into a strategic partnership to create a "market-leading wealth management proposition" that will combine Schroders' investment and wealth management capabilities with Lloyds' client base, distribution and digital capabilities.  Lloyds will own 50.1% of the share capital and Schroders the remaining 49.9%. Rainbow, who has worked at Schroders since 2007, will be appointed chief executive, while Antonio Lorenzo, chief executive of Scottish Widows and group director of insurance & wealth, will be chairman, subjec...

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