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Lloyds Banking Group Takes Full Control of Schroders Personal Wealth, Renames It Lloyds Wealth

Prime Highlights

  • Lloyds Banking Group has acquired the remaining 9% stakein Schroders Personal Wealth, gaining full ownership and rebranding it as Lloyds Wealth to strengthen its wealth management offering.
  • The new arrangement allows Schroders to focus on its strategic priorities while maintaining a multi-year agreementto manage SPW’s customer assets, continuing collaboration in high-net-worth client services.

Key Facts

  • Schroders Personal Wealth manages approximately £17 billion in assetsfor around 60,000 clients.
  • The acquisition is expected to accelerate Lloyds’ wealth strategy, enabling it to provide a full range of wealth services,including digital investments, pensions, and financial planning.

Background

Lloyds Banking Group has acquired Schroders Personal Wealth (SPW), that will be renamed as Lloyds Wealth. The move comes after Lloyds bought the remaining 49.9% stake in the joint venture established in 2019, giving the bank full control of the business.

As part of the deal, Schroders acquired a 19.1% stake in Cazenove Capital, restoring full ownership of the firm. Schroders described the timing as “right” for SPW to transition fully to Lloyds.

Oliver Gregson, CEO of wealth management at Schroders, said the announcement marked “a meaningful step in reshaping our business and focusing on delivering our strategic ambition – building the wealth management business of the future, modern, global, collaborative and client-led.” He added that the “evolved partnership” with Lloyds allows Schroders to focus on areas where it can deliver the most value.

Under a new multi-year agreement, Schroders will continue to manage SPW’s customer assets and Scottish Widows mandates. Lloyds will maintain its partnership with Cazenove Capital to provide services to its high-net-worth clients. Johanna Kyrklund, group chief investment officer at Schroders, said the arrangement reinforces the firm’s role as a trusted partner helping UK clients grow and preserve wealth.

SPW manages around £17 billion in assets for approximately 60,000 clients. Lloyds stated that the acquisition “accelerates delivery of the group’s wealth strategy” and supports its ambition to provide a full range of wealth services, including execution-only share dealing, self-select digital investments, pensions, and full financial planning.

The bank said full ownership will enable it to better manage the business while offering a seamless experience for both existing and new customers. The rebranding to Lloyds Wealth reflects the group’s commitment to strengthening its presence in the high-value wealth management segment.