British asset management company Schroders has completed the transfer of its Schroders Personal Wealth (SPW) to Lloyds Banking Group.
Last month, Financial Times (FT) reported that Lloyds Banking Group was set to acquire full ownership of SPW.
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With the transition, SPW, which is a wealth management and advice business, has become a wholly owned subsidiary of Lloyds.
Under a new multi-year investment management agreement, Schroders will continue to manage SPW’s customer assets and Scottish Widows assets.
Schroders has purchased the 19.1% share of Cazenove Capital that was previously owned by Lloyds. This move re-establishes full ownership of Cazenove Capital.
In return, Schroders has sold its 49.9% stake in SPW to Lloyds.
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By GlobalDataAs part of the new arrangement, Lloyds will refer its high-net-worth clients to Cazenove Capital.
Schroders Wealth Management CEO Oliver Gregson said: “Today’s announcement represents a meaningful step in reshaping our business and focusing on delivering our strategic ambition, building the Wealth Management business of the future – one that is modern, global, collaborative and truly client-led.
“This evolved partnership with Lloyds enables us to focus on where we can deliver the greatest value – driving growth, improving client outcomes, and elevating the experience for our clients.
“Guided by our unifying values of excellence, innovation, teamwork, passion, and integrity, we are focused on more than wealth management – we are committed to forging lasting partnerships that empower clients and give them the freedom to focus on what matters most to them.”
Both firms assert it is the right time for SPW to move fully to Lloyds, enabling both companies to focus on their respective core competencies.
The two companies stated that they have been working closely to enhance the client experience at SPW, ensuring that clients receive optimal service.
Last week, Schroders’ Wealth Management division introduced a new global leadership team aimed at driving growth and achieving strategic objectives.
After Oliver Gregson was appointed as CEO of Wealth Management three months ago, the company announced six new leadership roles to strengthen its operations.
