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

Aiming to be top three UK financial planner

Tom Eckett
clock
 Schroders' CEO Peter Harrison
Image:

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...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Asset Managers

FCA also cracks down on high-risk investment adverts

FCA launches consultation to broaden access to LTAF

Tightens high-risk advertising rules

Jenna Brown
clock 01 August 2022 • 3 min read
Asset managers prioritised Article 8 and Article 9 products for the first phase of the European ESG Template reporting, but Morningstar research shows that the data is inconsistent.
ESG

Financial advisers will struggle to meet MiFID II sustainability obligations due to patchy data

Lack of product comparability

clock 29 July 2022 • 2 min read
Industry Voice: Winning by not losing

Industry Voice: Winning by not losing

An asset allocation perspective during a regime shift: focus on policy, inflation and growth

Yoram Lustig & Michael Walsh at T. Rowe Price
clock 27 July 2022 • 2 min read
Trustpilot