Schroders and Lloyds Banking Group to launch financial planning joint venture in June
A multi-million pound joint venture between investment management firm Schroders and Lloyds Banking Group will launch in June this year, the companies confirmed today.
Schroders Personal Wealth will initially be available to Lloyds private banking and Bank of Scotland private banking customers before opening to the wider market in the fourth quarter of 2019, subject to regulatory approval.
Read more: Lloyds and Schroders sign £80bn joint venture deal
The company, which will provide financial planning services to affluent UK customers, will be independent and backed by Schroders and Lloyds.
As part of the joint venture, Schroders will take on an £80bn investment contract from Scottish Widows, which is owned by Lloyds.
Schroders Personal Wealth chief executive James Rainbow said: “I am extremely excited to announce that Schroders Personal Wealth will launch later this year.
“The UK wealth management market is growing, and pension freedoms mean that the responsibility is shifting to the individual.
Read more: Lloyds to put £13bn wealth unit into joint venture with Schroders
“This means more people than ever need help as they plan for the futures. We can play a role in helping address the need for financial planning with a clear and transparent service.
“The backing of the country’s largest banking group and the number one investment brand gives us access to resources and expertise that will help us serve our customers better and make their money work harder for them.”